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Sometimes we get so caught up in our daily work, family obligations and just paying the bills that we forget to look at the big picture, financially speaking. In other words, perhaps you have some investments and automatically contribute to a retirement savings plan, but when was the last time you monitored those assets and calculated how much income they are on track to provide in retirement?
Baseball great and philosopher Yogi Berra once said, “If you don’t know where you are going, you might wind up someplace else.” The lesson here is to know what you need so that you take the appropriate financial path to help you get there.
The Indexed Annuity Leadership Council recently published a report that included a scoring mechanism for how “retirement ready” Americans are based on job status and stated “blue-and gray-collar workers” were at 44.7 percent in terms of retirement readiness. However, according to a recent report on retirement readiness published by Fidelity, the typical saver received a score of 80 -- meaning he is on target to have 80 percent of the income Fidelity estimates will be needed to cover retirement costs. This is a significant rise from 13 years ago when the study was first conducted; at that time, the score was 62 If you’d like help conducting a retirement readiness checkup, please give us a call 801-465-6990.
Scott B. Wharton
Retirement Solutions
This material is for informational purposes only and should not be considered advice. Investment advisory services offered through Retirement Solutions Investments, Inc., a Utah registered investment advisor. Insurance products and services are offered through Retirement Solutions, Inc., an affiliated insurance agency.
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