Retirement Planning

Number of Americans who rely solely on Social Security

People ages 30-54 who believe they will not have enough to retire
Americans who don't save anything for retirement
A solid retirement plan is the best way to ensure that you will be able to retire with enough money to enjoy your retirement, while you are young enough to enjoy your retirement.

But many factors are working against the average individual’s achievement of their retirement goals:

While a generation ago, people planned for retirements of 10 years or less, increases in life expectancy have pushed that number to 20, 30 or more. Combine that with the expectation of drastically higher medical costs, and you have a need for a much larger nest egg than your parents needed.

Company-funded pensions have become rare. Without this form of ’forced’ retirement savings, individuals must actively contribute to tax-deferred savings such as 401k or IRA accounts.

Depending on your age, full social security retirement benefits are not available until age 65 – 67. For individuals planning to stop working before their full retirement age, they may have years of no earned income or social security income, or may elect to take reduced social security benefits through early retirement.

Individuals who put their retirement savings in ’safe’ investments such as U.S. Treasury notes and bank savings accounts may find that inflation has lessened the value of their savings when they reach retirement.

Northstar Financial Planners is a fee-only investment advisor, devoted to a structured asset class investment strategy.