However, the good news is there are some excellent options available to most people, including those with very limited expendable income. Most people are afraid to speak with an advisor for fear of being told that they need to come up with an additional sum of money that they simply cannot produce, or curtailing the lifestyle that they are comfortable living. However, a good advisor can look at the larger picture of a client's money pie and assist in reducing tax burdens and other unnecessary expenses. It is just a matter of taking the time to sit down with the right kind of advisor, one with your best interest in mind!
Finally, the best time to act is now. Timing is extremely important in retirement planning. Obviously, the younger you are, the longer your money can grow before retirement. However, if you are no longer in the spring chicken category, there still may be some great options for you unless you keep on waiting! As the saying goes, the best time to plant a tree was 10 years ago, the second best time is today!
The past decade has unquestionably altered the way in which we must view and approach retirement. Rocked by the events of 9/11 and then the recession, the stock market showed little net gain during the past 10 years, and many people saving for retirement have suffered lossed in both investments and home values. Couple that with the fact the government has been running a $1.3 trillion deficit, putting in question how we will continue to fund social security and medicare benefits. This creates much uneasiness regarding what tax burdens may look like during the distribution phase of retirement funds!
At the same time, the baby boomer generation, the largest in our country's history, is now moving into their retirement years, with many projected to live well into their 90's. More uncertainty arises from the fear that a retirement portfolio that would have been adequate or even comfortable 10 years ago will be unable to sustain a long retirement in today's economic and tax environment.
However, many Americans are proving to be adaptable and resourceful. They are willing to not only become more disciplined with their finances, but are looking hard at potential course-corrections that can get them back on the right track. They are understanding that now, more than ever, they need to seek professional guidance to create a path toward a successful, secure retirement! Don't try to navigate the waters by yourself. There are excellent options available if you look to the right sources! Be proactive in planning your retirement and don't assume that your company 401k is the best or only option!
About the Author: Marc Roethel has over 7 years experience in the life and health insurance and retirement planning industries. He is CEO and co-founder of the LIFE1010™ program, which is designed to help individuals through a step-by-step process of getting their lives and businesses in order. The program focuses on emergency preparedness, creating an effective spending plan, health and wellness, and retirement planning. He is also co-author of the book "Not Yo Mama's Retirement Plan", which takes a fun and easy to understand approach to a risk-free and tax-free solution to retirement that is proven and mostly unknown by the majority of the population.