More Than Ever, You Need a Retirement Plan

Retirement prospects don’t look good for many of us, and that’s why, more than ever you need a retirement plan.

More than ever, you need a retirement plan.

More than ever, you need a retirement plan

A recent poll conducted by The Guardian Life Small Business Research Institute provides some hard data to support the sinking feeling many of us have about retirement — especially small business owners.

  • Fewer than 10 percent foresee as feasible, a traditional retirement in which individuals stop working in their mid-60s for a life of leisure
  • Two-thirds do not have a written retirement plan, and most of them are not sure if they will create one.
  • More than eight in 10 have started to save for retirement, but only half have consulted a financial advisor.
  • While the minority will have pensions, real estate and the sale of their business to fall back on, most will rely on their investments, Social Security and individual retirement accounts (IRAs).
It’s never too late to turn the situation around. Here are the basic steps you need to take to get back on — or stay on — the path to a secure retirement.
  1. Have a Plan.
  2. Understand Risk.
  3. Understand Your Retirement Investments.
  4. Save for More than Retirement.
  5. Be Realistic.

Finally, don’t panic. Analyze your situation and don’t be afraid to make the hard decisions. For most of us, retirement will be quite unlike we’ve imagined, but that doesn’t mean we’ll be miserable, especially if you recognize that more than ever, you need a retirement plan.

Click here to learn more about strategies for your retirement.

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