A Message from the President
The LIMRA Secure Retirement Institute recently noted in their “Informing the debate: Facts about retirement security” report, the biggest risk to Americans’ retirement security is their lack of savings. Half of baby boomers have less than $100,000 saved for retirement and more than a third have less than $25,000. These numbers are a terrifying wake-up call.
The following are a few more surprising retirement security facts revealed in the aforementioned LIMRA report:
49 PERCENT OF RETIREES RETIRED EARLIER THAN THEY HAD PLANNED. HEALTH REASONS WERE THE MOST COMMON CAUSE.
It’s true, many people do not retire when they thought they would. Sometimes it’s later, many times it’s earlier. This is where guaranteed income comes into play. According to LIMRA, half of U.S. households with assets of at least $100,000 are interested in converting assets into guaranteed lifetime income.
MANY WANT ADVICE, FEW ARE WILLING TO PAY.
Though people wanting something for nothing is not very surprising, what is surprising is that LIMRA shows eight in 10 consumers believe their advisor helps them in ways they would not be able to achieve on their own.
Our services are valuable not only in dollar terms but also peace of mind knowing that when life does not progress as planned, the knowledge we bring to the table can help! Baby boomers need advice to help them prepare for retirement. If they look for you on the CFP® Board of Standards website or the Financial Planning Association website, is your information up to date? Both organizations have enhanced their search for planners so it might be a good idea to review your information.
This is one of the many benefits you receive by being a member for both organizations!
As always if you have suggestions for sponsors or speakers or want to discuss ways we can increase the value of your membership, please let me know.
Steve Stech, CFP®
President, FPA of Idaho
- November 2014
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- February 2014