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Survey Finds Many Americans Have No Retirement Savings
Most financial advisers agree that it is never too early to begin making estate planning arrangements and plan for the future. However, many Americans do not estate plans in place, nor have they started planning for their retirement.
In a recent survey sponsored by Bankrate.com, almost 40 percent of adults said they did not have any retirement savings. And it is not just young adults who have yet to begin saving for the future. Nearly 25 percent of adults between the ages of 50 to 64 years old have no retirement savings, as well as 14 percent of adults 65 years or older.
The study was conducted by Princeton Survey Research Associates International and included 1,003 American adults who participated in the survey.
Financial advisers who looked at the results of the study said that although procrastination appears to be one reason why people are not saving, the main reason appears to be the lack of employer savings plans, like 401(k) plans. However, that should not hold people back because, according to these advisers, there is also the choice of individual retirement accounts (IRA). Even minimum monthly deposits are a start to building that future nest egg.
Another reason why people do not begin saving for retirement is that they are unrealistic in the amount of money they think they will need. Or they think they will continue to work well past retirement age, not taking into account job loss or health issues that may prevent them from working. Currently, most of the concentration of long-term unemployment is for people who are 50 years old or older.
If you need help developing a well-formulated estate plan in Illinois, please contact Stock, Carlson & Asso. LLC. Our DuPage County estate planning lawyers offer solutions to protect your rights and assets and can assist clients in Downers Grove, Hinsdale, Lombard, Naperville, and throughout DuPage County. To schedule a consultation, please contact our office at 630-665-2500.
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