National Save for Retirement Week is October 19 through 25. While not as sexy as some of the other upcoming holidays this fall, it is perhaps the most important. As more and more Baby Boomers are retiring every day, the pressure to be prepared for that day is mounting.
Some scary statistics:
- According to the Employee Benefit Research Institute, 46% of all American workers have less than $10,000 saved for retirement and 29% of all American workers have less than $1,000 saved for retirement.
- Right now, there are almost 40 million senior citizens in the U.S., by 2050, that number will more than double to almost 90 million
- The average savings of a 50 year old is $43,797
- There are currently 2.9 workers for each recipient collecting Social Security.
The answer she usually gets is “Yesterday.”
The folks at Arapaho Asset Management (AAM) have put together a little quiz to see if Denverites are properly preparing for their future:
- Over the next 20 years, more than 10,000 Baby Boomers will be retiring every single day. True or False?
- The market cycle could affect my retirement. True or False?
- My Tax planning can make a big difference. True or False?
- I have calculated my monthly fixed living costs. True or False?
Answers: TRUE for all of the above.
For those that didn’t get a passing grade on the above, Arapaho Asset Management is here to help.
Most people nearing retirement age believe they have a strategy set up for their retirement, but very few people have really run that strategy through a ‘time-test’ to see if the results match up with their lifelong dreams.
Such a close look may be important – retirement should be a long-awaited celebration of life’s accomplishments and shouldn’t be accompanied by any lingering concern about one’s finances. Arapaho Asset Management’s classes begin at just $59 for a three-hour workshop.
Arapaho Asset Management offers affordable classes and workshops at several locations throughout the Denver Metro area, including Arapaho Community College Main Campus in Littelton, South Metro Chamber of Commerce in LIttleton, Newman Center for the Performing Arts in Denver, and Infinity Park Event Center in Glendale. See schedule and sign up here.