What Is The Average Amount Of Money Saved For Retirement?
There is a lot of talk about how much money we should have for retirement but do you know what the average amount most people have saved is? Our team at Goldstone Financial Group recently covered this in our latest podcast, What Is The Average Money Saved For Retirement? Here’s what we had to say:
Almost one third of workers have less than a thousand dollars saved for retirement. So, we’re talking 33% of all workers have less than $1,000 saved for retirement and almost 60% (or two-thirds), have saved less than $25,000.
So, what are some of the reasons this happens?
Is it lack of income? Is it lack of planning? The answer is, both. However, more often than not, its planning. Anthony Pellegrino says, “Many people get stuck in the mindset where they spend what they make and worry about retirement later. Next thing you know, the years fly by and there you are. However, with the clientele base that we work with at Goldstone Financial Group, it’s a blessing that many of our clients are not even close to being in that position. What we specialize in is helping them to and through retirement. So its the people who have worked really hard, blood, sweat and tears, and have gotten to a point where they’ve accumulated this nest egg. Now the questions are, “How can i grow it safely?” and“How can I generate income to live off through retirement and ultimately pass on the essence to our beneficiaries or kids.”
Good news is, there’s a sea of opportunity out there. Nowadays, if you just get on the internet and search terms like, “investments” and “retirement,” you’re going to be bombarded with countless information. There’s a huge amount of information out there, but it has to be designed and customized to each individual and each couple because we’re all different! We have different goals, different plans, etc. So with a sea of opportunity, you get “paralysis by analysis”. One site says this, another site says that. You don’t know what to choose. But, by working with a professional, by working with a licensed financial advisor, they are there to be your advocate. To kind of, sift through everything and then be able to custom design strategies and plans that will fit what you want to do, what your goals and objectives are.
This podcast is a presentation of the Goldstone Financial Group, Principals and Co-founders, Michael and Anthony Pellegrino:
For more information, visit Anthony Pellegrino’s site: Anthony-Pellegrino.com
Follow Anthony Pellegrino on Twitter! https://twitter.com/AnthPellegrino