Securing Your Future Financial Planning
Now, more than ever, the U.S. is feeling the effects of the baby boom. Between about 1946 and 1964 the country saw a massive rise in the number of births, largely due to the economic upswing following World War II. Today, many of those babies are approaching or have passed the typical retirement age of 65. On average, 10,000 baby boomers retire each day.
The sheer volume of recently retired persons has resulted in an unstable social security system. In fact, one in five people approaching retirement don’t have any money saved for their post-employed life. Those who do have money saved commonly have contributed to a 401(k) or 403(b). However, today about 75% of 401(k) holders have balances under the “widely cited” average of $60,000.
A recent survey has shown that nearly 41% of people between the ages of 18 and 29 haven’t given retirement planning a thought. Those who have recently entered the workforce as well as those who have been working for some time but aren’t near the retirement age, shouldn’t wait any longer to start planning for the future. According to the U.S. Bureau of Labor Statistics, only about half of the civilian workforce has a dedicated retirement plan. While thinking about retirement isn’t always easy or fun, fortunately, there are several professionals out there who can ease the burden of financial planning and make saving for retirement straightforward.
Financial Advisors Rochester NY.
Financial advisors, or financial planners, will sit down with a client and look at his or her individual financial situation. Once a financial advisor has an idea of the client’s income, investments, expenses, assets, and debts, he/she will help the client come up with short-term and long-term goals. Short-term goals would involve things such as weekly, monthly, and yearly budgets, whereas long-term goals would focus on career development, family, retirement, and investments.
Wealth Management.
A financial advisor might also talk to a client about wealth management. Typically, wealth management is of concern to affluent individuals who desire to increase their net worth. While all wealth managers have experience with financial advising, though not all financial advisors are qualified to be wealth managers. This is because wealth management focuses on investments, stock portfolios, and large assets as opposed to one’s individual savings and finances.
Thinking about the future is important. Even if some of us plan on working well past retirement age, it’s still crucial to have a nest egg in case of an emergency, for leisure, or even to pass on to the next generation. Finding a good financial advisor will help you secure your future and the futures of those who come after you.
