More than 38 million households have not saved any money for retirement, according to the National Institute on Retirement Security. The good news is that with some planning and diligent follow-through, you can start now to get ready for your golden years. The investment team at River Bank in La Crosse, WI, specializes in helping its clients develop realistic plans designed to fit their unique retirement goals.
Here are several reasons why it doesn’t pay to put off saving for retirement:
- Lack Of Government Assistance: One disadvantage of putting off saving for retirement is that government programs such as Social Security will likely only pay for a percentage of everyday expenses. Retirees may have to turn to other post-retirement income to make up any gaps.
- Increased Health Costs: Another reason why procrastination could have dire consequences is that overall, Americans are living much longer. The costs for health-related expenses, including assisted living, long-term care, and prescription medicine, could have a financial impact. While government programs may take care of some of the costs, consumers may have to pay out of pocket if they’re living well past age 80 or 90.
- Later Retirement Years: The official retirement age is 67 for those born after 1959, according to the Social Security Administration. However, if a person hasn’t saved enough for retirement, they may have to continue working past that age. Depending on the amount of their earnings, it’s hard to predict how much longer it will take to accumulate enough of a nest egg to retire.
- Borrowing: For those parents who tapped their retirement savings to help pay for their children’s college expenses, they will have to make up for those withdrawals. The longer they put off replenishing their IRAs, CDs, investments, and other retirement fund accounts, the harder it might be to catch up.
For these reasons and more, the investment consultants at River Bank are 100% committed to helping their clients realize their retirement goals. After your complimentary consultation, your financial advisor will review which options fit your objectives and then develop a personalized plan to build and grow your retirement fund. Keep in mind that all investments are not FDIC insured.
To get started, call River Bank’s investment division today at (608) 788-6300 to schedule your complimentary consultation. Visit the website to learn more about their wide range of available retirement planning services.