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Top New Year's Resolution? Saving for RetirementPosted by solo 401k on: 2006-12-13 14:29:27 in category:
Retirement Planning News [ Print | Permalink / 0 Comment(s) ] Top New Year's Resolution? Saving for Retirement Only 13 percent of 55-64-year-olds have enough money to live 30+years Top New Year's Resolution? Saving for Retirement DENVER, Dec. 9 /PRNewswire/ -- Saving for retirement is the number one new year's resolution people should make, according to a survey commissioned by Brown & Tedstrom Inc., a Denver financial planning firm that manages over $300 million in assets for people in or near retirement. The survey confirmed that running out of money is the biggest retirement concern for the majority of Americans. In spite of this, the same majority is only saving 10 percent or less of their current income and can only live 10 years or less on their current savings. "The vast majority of Americans are facing a financial time bomb that could eventually place a significant financial burden on their children," said Mark Brown, managing partner at Brown & Tedstrom. "As people make resolutions and set goals for the upcoming year, now is the perfect time to evaluate their finances and create a long-term retirement plan." Top Four Financial Resolutions According to Brown & Tedstrom, a 30-year-old making $100K a year and investing 10 percent of his income with an 8 percent return will have $2 million at age 65. He could live on $100,000 annually for the rest of his life, which is approximately 5 percent of his retirement savings. However, for every 8 years after age 30 that he waits to start saving, the amount he needs to save doubles. To this end, Brown & Tedstrom recommends the following New Year's resolutions: * Create a retirement checklist: Determine how much you need to save by looking at cash flow, investments, and years to retirement. * Talk to your family: Even if the topic is sensitive, the consequences of avoiding it could have a serious impact on your children and grandchildren. * Plan for a long life: Make sure you don't outlive your financial plan. * Don't forget about long-term care: The annual cost of long-term care averages $70,000. Make sure you won't have to move back in with the kids if you get sick. Brown & Tedstrom manages retirement plans for successful business owners and their families. With over $300 million under management, Mark Brown & Peter Tedstrom are consistently listed among the country's top financial advisors. For more information visit: http://www.brown-tedstrom.com/ . Securities offered through Linsco/Private Ledger. Member NASD/SIPC. Available Topic Expert(s): For information on the listed expert(s), click appropriate link. Mark R. Brown, CFP http://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=36526 Peter F. Tedstrom, CFP http://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=41896 Website: http://www.brown-tedstrom.com/ |
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