Many Approaching Retirement Have No Savings!

Retirement 2For half of us, the serious lack of retirement planning, along with longer life expectancies has wreaked havoc with retirement dreams.

Roughly 42% of Americans have fewer than $10,000 saved for when they retire. That’s according to a study by GoBankingRates released recently.  From 2016 to 2017, the percentage of Americans with $0 saved increased. Thankfully, so far this year, it dropped significantly.  The percentage of adults with nothing saved has gone down. However, the percentage of those with $300,000 or more in a retirement fund has increased.

The top reason that most people cited for not saving, was because they simply didn't earn enough to save. The next reason given was that they were already struggling to pay bills, according to GoBankingRates. The personal finance site interviewed more than 1,000 adults online in February.

For those with little or no savings, a significant lack of proper investment income and planning and the fact they’re expected to live longer lives has made the concept of retiring practically impossible.

Millennials are most likely to have fewer than $10,000 saved, but older Americans are also becoming steadily more negative about their future economic prospects. This is according to another study by United Income, a start-up that is applying big-data analysis to financial planning.

Reference: CNBC (March 6, 2018) “42% of Americans are at risk of retiring broke”


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  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
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Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.