There’s a simple and unsettling reality in the United States: most Americans aren’t financially prepared for retirement.
The Employee Benefits Research Institute (EBRI)’s 2017 Retirement Confidence Survey found almost half (47 percent) of workers have less than $25,000 in personal savings and investments, and about one-quarter has less than $1,000.(ft.n. 1)
Even for those who are actively saving for retirement, many haven’t taken other important steps to prepare, such as: (Ft.n. 2)
· Gauging monthly retirement income needs (38 percent)
· Estimating Social Security benefits at a planned retirement age (38 percent)
· Thinking about moving or downsizing (38 percent)
· Determining expenses in retirement (34 percent)
· Talking with a financial advisor about retirement planning (23 percent)
· Preparing a formal, written financial plan for retirement (11 percent)
A big part of what we see as the “union difference” is ensuring workers can have a decent, middle-class life, including a secure retirement. At Local 369, you want to feel well-prepared and confident about your future, and we’re committed to providing you with the tools you need to start planning. We’re even making the advice and workshops free, so everybody can access them.
While working with financial advisors may improve retirement outcomes, saving is critical for anyone who wants to retire from working full-time. In fact, the majority of workers and retirees participating in a recent Wells Fargo survey wish they had begun saving for retirement sooner than they did. (ft. n. 3)
Saving and planning can be difficult. Boston Retirement Group, LLC is partnering with UWUA 369 to provide resources to help. Give Boston Retirement Group, LLC a call today to start planning for your future.
Patrick Nee & Douglas Padden
Boston Retirement Group, LLC