Contact: Hakeem J. Webb, Sr. Investment Adviser, National Christian Financial Advisors, 770-450-6090, 877-545-3295 fax, hakeem.webb@ncfainc.org
ATLANTA, April 4, 2017 /Christian Newswire/ -- 33% of Americans have nothing saved for retirement. Yet, since the Great Recession, the DOW Jones Industrial Average is at all-time highs. However, "as the stock market goes, is not how the middle class goes." Most agree that hard working individuals and families go unrepresented in global equity and debt markets, with 80% of the value of the U.S. Stock Market owned by the RICHEST 10% of households and not the hard-working middle class.
After 25 years, I've heard the many obstacles savers face which are: student loan debt, credit card debit, low wages, the need to save for a child's college education, to name a few. I sympathize and understand how these debts and obligations can put a strain on one's budget. Yet, with some discipline and creativity, it is still possible to save for retirement.
Of the different age groups; Millennial, Generation Xers, Baby Boomers and Seniors
- 23% have less than $10,000 saved
- 10% have between $19k to $49K saved
- 8% have between $50K to $99K saved
- Another 8% have between $100K to $199K saved
- 5% have $200K to $299K saved
- 13% have $300K or more saved
- Millennials are 40% more likely to not have retirement savings than Gen Xers and 50% more likely than people age 55 and over
- Baby Boomers and seniors are 85% more likely than Gen Xers to have $300K or more in retirement accounts and 4.6 times more likely than millennials to have saved this amount
Unfortunately, women are more likely than men to have NO retirement savings.
My suggestion stop procrastinating. Yes, it is natural to focus on the bills that are due today and things for the right now. But realize, 20 or 30 years will pass very quickly and you will be approaching retirement age without enough saved. So, start early and seek professional advice. Advice Matters - retirement savers who sought investing advice enjoyed a median annual return almost 3% higher than those who didn't – even after the fees they paid for that advice. I believe the underlying problem why people don't seek advice is, most people just do not have "Access to Affordable Investment Advice." With access, you can "Retire on Your Terms." Now they have access: www.cyborg-advisors.com.
