A recent survey by HSBC Bank found that 64 percent of people in their 70s still financially support other people, and more than half of retirees
are still paying off credit cards or some other form of debt.1 The prospect of ongoing debt during retirement means pre-retirees need to be
motivated to save for retirement.
Unfortunately, a pre-retiree has to save, on average, an additional seven years longer than current retirees had to.2Many factors have contributed to these numbers, ranging from the recession years when people may have stopped contributing to their retirement accounts, to the fact that people are living longer today.3
The survey also found 22 percent of respondents have never received any type of advice or information about retirement — not even from friends and family, let alone a financial professional.4
The general options for those who haven’t saved enough for retirement are to work longer, save more or lower their expectations of spending in retirement. However, working with a financial professional will help you work toward achieving your goals for retirement.
1Danielle Andrus. ThinkAdvisor. July 18, 2016. “Saving Early No Longer Enough for Retirement Success: Survey.” Accessed Aug. 18, 2016.
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Strategic Wealth Designers, LLC is a Registered Investment Advisor in the states of Kentucky and Indiana. Matt Dicken, Dustin Stanley and Jordan Schwartz are Investment Advisory Representatives affiliated with Strategic Wealth Designers, LLC. The advisors may not transact business in states where they are not appropriately registered, excluded or exempted from registration. Individualized responses to persons that involve either the effecting of transaction in securities, or the rendering of personalized investment advice for compensation, will not be made without registration or exemption.
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