People make mistakes with their money every day; we are all human, and that’s just what humans do. It could be the $5 daily latte habit or not having any type of spending plan (the word budget sounds so restrictive doesn’t it?). However, the biggest financial mistake most people are making in their life is not consulting with an advisor.
An annual survey by GoBankingRates found in 2018 that 42% of Americans have less than $10k saved for retirement. According to figures given by the US Bureau of Labor Statistics on average spending at age 65 and older, that will provide less than 3 months of income. Even erring on the side of caution and assuming a person is extremely frugal with their spending, would that $10k last a year?
According to an online Harris Poll in 2016, 74% of working adults say they worry about having enough money to retire and 69% of this group, say planning for retirement is a key priority to them. However, 62% said they did not have any type of financial advisor.
If you have an electrical problem in your home (ahem…I may have some current experience with this), and you aren’t an electrician, you consult a professional rather than risk electrocution. If you aren’t a doctor but you need your appendix removed you go to the emergency room, you do not cut it out yourself. These professionals have the knowledge, skills, and tools to perform their jobs correctly.
As a result of our recent merger I was able to acquire a new tool that allows me to offer a new service! The new software that I have procured will let me create a customized financial plan for you, unique to your needs. Together we can review your investments and measure your current level of retirement readiness, discover the places you may have shortfalls, and construct a plan to get you on track.
This is a complementary service courtesy of Maple City Savings Bank.
Do not put off saving for retirement. Various investment account vehicles that we offer can be started with as little as $25. Let’s create a plan for your future today.