The Employee Benefit Research Institute (EBRI) just released the results of its annual “Retirement Confidence Survey” and one of the more startling findings was that 27% of working Americans say they have less than $1,000 in retirement savings, up from 20% a year ago, according to FOXBusiness.com. For the second consecutive year, nearly 50% of those polled said they are pessimistic about having enough money to “live comfortably” throughout their retirement years, up 33% from 2002’s survey results. At that time the previous recession had just ended and the bear market was still more than six months away from bottoming.
How far would $1,000 go in your retirement? Or are you planning on depending on Social Security? (We all know the folly of that!) Do you have a plan in place to achieve your financial goals in retirement? Having a financial advisor is the first step in setting your plan in action. A financial advisor can help you develop a plan where you can save money systematically and watch it compound over the long term.
Don’t get caught near retirement with only $1,000 in your pocket!