{"id":1079,"date":"2019-03-13T10:30:07","date_gmt":"2019-03-13T15:30:07","guid":{"rendered":"https:\/\/www.ramsaywealth.com\/blog\/?p=1079"},"modified":"2019-03-06T16:22:13","modified_gmt":"2019-03-06T21:22:13","slug":"is-america-prepared-to-retire","status":"publish","type":"post","link":"https:\/\/www.ramsaywealth.com\/blog\/2019\/03\/13\/is-america-prepared-to-retire\/","title":{"rendered":"Is America Prepared to Retire?"},"content":{"rendered":"

A look at some ways to get ready.<\/em><\/p>\n

Are Americans saving enough?<\/h4>\n

Only 19% of U.S. adults describe themselves as \u201cvery confident\u201d when asked about their savings. Worry spots include retiring without enough money saved<\/a> (16%) and anxiety about having a \u201crainy day\u201d emergency fund (14%). These findings come from the 2018 Consumer Financial Literacy Survey conducted by the National Foundation for Credit Counseling. (The survey collected data from 2,017 U.S. adults.)1<\/sup><\/p>\n

Only 41% of us keep a regular budget.<\/h4>\n

If you are one of those roughly two-out-of-five Americans, you\u2019re on the right track. While this percentage is on par with findings going back to 2007, the study also finds that while 65% of Americans are saving part of their annual income towards retirement, 29% indicate they are \u201cnot at all confident\u201d that their savings will be enough to sustain them.1<\/sup><\/p>\n

Relatively few seek the help of a financial professional.<\/h4>\n

When asked \u201cConsidering what I already know about personal finance, I could still benefit from some advice and answers to everyday financial questions from a professional,\u201d 79% of respondents agreed with the statement. Yet only 13% indicated that they would seek out the help of some sort of financial professional if they had \u201cfinancial problems related to debt.\u201d While it isn\u2019t surprising to think that 24% of respondents would turn to friends and family, it may be alarming to learn that 18% would choose to turn to no one at all.1<\/sup><\/p>\n

Why don\u2019t more people seek help?<\/h4>\n

After all, Americans of all incomes and savings levels certainly are free to set financial goals. They may feel embarrassed about speaking to a stranger about personal financial issues. It may also be the case that they feel like they don\u2019t make enough money to speak to a professional, or perhaps, a financial professional is something that millionaires and billionaires have, not the average American worker. Another possibility is that they feel like they have a good handle on their financial future; they have a budget and stick to it, and they contribute to an IRA, 401(k), or have some other investments. But that 79% admission, mentioned above, indicates that a vast majority of Americans are not as confident.1<\/sup><\/p>\n

Defined goals lead to definite strategies.<\/h4>\n

If you set financial objectives<\/a>, you vault ahead of most Americans \u2013 at least according to these findings. A written financial strategy does not imply or guarantee wealth, of course, nor does it ensure that you will reach your goals. Yet that financial strategy does give you an understanding of the distance between your current financial situation (where you are) and where you want to be.<\/p>\n

How much have you strategized?<\/h4>\n

Retiring without a financial strategy is an enormous risk; retiring with a strategy that hasn\u2019t been reviewed in several years is also chancy. A relationship with a financial professional<\/a> can help to bring you up to date about what you need to do and provide you with more clarity and confidence when it comes to the financial future.<\/p>\n

Rich Ramsay may be reached at 651-429-3151 or email. https:\/\/www.ramsaywealth.com\/<\/a><\/p>\n

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment. Citations. 1 – nfcc.org\/wp-content\/uploads\/2018\/04\/NFCC_BECU_2018-FLS_datasheet-with-key-findings_031318-002.pdf [3\/13\/18]<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

A look at some ways to get ready. Are Americans saving enough? Only 19% of U.S. adults describe themselves as \u201cvery confident\u201d when asked about their savings. Worry spots include retiring without enough money saved (16%) and anxiety about having … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":1082,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[161,172],"tags":[214,163,272,275,213,273,274],"yoast_head":"\nIs America Prepared to Retire? - Retiring Without a Financial Strategy<\/title>\n<meta name=\"description\" content=\"Are Americans saving enough? Retiring without a financial strategy is an enormous risk; retiring with a strategy that hasn\u2019t been reviewed in several years is also chancy. 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