Dear Uncle Fred,

 

I’m a husband and father and I’m starting to feel bad about my poor planning for retirement. My wife stayed home to raise our son and he’s ready for college. Fortunately he’s very smart so we have some scholarship offers and some family help for his college costs. My company doesn’t have a retirement program, and we haven’t much in savings. I’m only 50 so I hope there’s still enough time to plan my road to retirement … I sure could use a map for this road trip! Do you have any advice for someone like me?  

 

Thanks,

 

Poor Planner

 

 

Dear Poor Planner,

 

Remember “Gone With The Wind”? Scarlett lost everything and had to go back to the basics. We all have changes and challenges that happen over the passage of time and, like Scarlett did, we tend to live our lives in the moment rather than looking instead toward the future. 

 

The Employee Benefits Research Institute’s Retirement Confidence Survey shows that 53% of U.S. workers have less than $25,000 in total savings and investments. The typical American household has just over $18,000 in savings. Your situation is quite common. 

 

Yes, there is help. Get a trainer … not a physical trainer but a fiscal trainer who can help you develop the road map you are seeking. At age 50 with no savings, you will lack the advantage of some years of compounding interest, but with a plan, you certainly have time to develop your nest egg for the future. 

 

And you are not alone …

 

33% of people 50 and over say that having enough money for retirement is their greatest financial concern – more than concern for credit card debt and monthly expenses and even longterm care for themselves or their families.

 

Due to insufficient savings, 35% of workers have considered extending their planned retirement age.

 

64% of workers wish they had started saving earlier in their careers.

 

Get started on that road map,

 

Uncle Fred

 

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