The number one worry is unlikely to surprise anyone reading this blog, and that is retirement. According to a recent Gallup poll, “A firm majority of Americans, 59%, are worried about not having enough money for retirement, surpassing eight other financial matters.”
This has been a trend every years since 2001, and is unlikely to be diminished any time soon. Here are some of the results from Gallup’s annual Economy and Personal Finance poll:
Coming in second on the list is Unexpected Medical Costs, and third Maintaining Your Standard of Living. While these three issues are very important and cause for stress, they are not unsolvable with planning. Of concern however is how few have taken steps toward developing a written retirement plan. We discovered in our research a while back that 71% of middle-income people don’t have a written retirement plan. Planning can not only mitigate or potentially eliminate these problems, it also can dramatically reduce stress in our lives.
Also interesting from the Gallup Poll, middle-aged Americans were the most worried about Retirement. This is a breakdown of top financial concerns by age:
As concluded in the Gallup article, “Retirement may be a time that many working adults look forward to, but it is paradoxically a source of stress in the here and now.” Also noted, “for a country that now has a life expectancy at birth of 78.7 years, retirement savings for post-work years is considered a matter of national importance.”
There are many resources available for help in crafting your own retirement plan, and here are a few: CFP Board, Financial Planning Resources ENewsletter, Consumer Guide to Financial Planning, Consumer Guide to Financial-Self Defense, Savings Fitness: A Guide to Your Money and Your Financial Future, and the Garrett Planning Network.
Call us at Financial Freedom Planners…we can get you started in the right direction. Let’s make a plan!