We meet with many people who are simply wondering whether or not they have accumulated enough assets to retire. Since the market crash of 2008, many have lost a large portion of their retirement savings. Most of you have begun to recoup the losses and may be back to where you started. However, during the time it took you to recover what you lost, you could have been planning a retirement that may not happen as quickly as you might hope.
Fortunately, there are preventative measures that you can take this time that will help "storm proof" your savings. We have published a great deal in recent weeks regarding the possibility of a "double-dip" recession and helping to protect you from another economic downturn. Because of the last downturn, many people are substantially off track with their retirement plans.
According to a recent USA Today article by David Pitt, more than 80% of workers believe they will need at least 3 more years to rebuild their retirement savings. Almost 52% of workers believe they will now have to work up to three (3) years longer than they originally planned.
The harsh reality is that if investors do not change the way they invest and protect their life savings, three (3) more years of work may be at the low end. It has taken almost (two) 2 full years for investors to recoup the losses they incurred in 2008. Many economists are predicting further stock market turmoil. Without changing your investment style, you could lose even more money and delay your retirement further.
In order to delay or come out of recession, consumer spending (among other economic indicators) must go up. According to the USA Today article, 71% of respondents will be reducing their spending moving forward. With unemployment rates still high, consumer spending slow, and the housing market unresponsive, the country may be headed for more turmoil soon.
If you lost money in the last economic downturn and you were forced to delay or put off retirement to recoup your losses, it is time for you to make a change and focus on the right moves. During retirement, you need your money to live on and you need it to last. Allow us to show you whether or not you can afford to retire and how to protect your hard-earned dollars from the next collapse.
Call toll-free, 1-866-417-4156, now to schedule a 15-minute appointment with one of our trusted advisors. Allow us to help you "storm proof" your life savings this time around.
Bill Smith is a RFC and the president and founder of Great Lakes Retirement Group, a Registered Investment Advisory firm located in Sandusky, OH, and Sheffield Village, OH.
For further educational information or to attend one of Bill’s educational classes, please email ContactUs@GreatLakesRetirement.com with the subject line “Blog” to receive more information, or you may visit his website, www.GreatLakesRetirement.com