Savings and Retirement

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In 1945, there were 42 workers paying into the Social Security trust fund for every retiree. Today in 2008 there are only three. And in less than 40 years, every couple will have one retiree to support. Based on this trend, many Americans—especially younger workers—cannot rely on Social Security to support them during retirement.

How much have you saved and invested for “your golden years”? Statistics reveal that approximately 70% of baby boomers have less than $50,000 invested for retirement. And with the rising costs of medical care, energy, and other living expenses, you must plan for your financial future now if you want to maintain your quality of life when you retire.

To support yourself in retirement, you will need money which produces income for you. This includes the investments you accumulate, such as your 401(k), IRAs, stocks, and bonds. Investing consistently helps ensure that your retirement will be comfortable and not dictated by a limited budget. A plan to save and invest is key to providing financial security for retirement.

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