Recently I came across an article “Just 42% of U.S. workers confident they’re saving enough for retirement: survey”.
The problem with this kind of survey is that such a very tiny percentage of people know what “enough” means and they haven’t defined what “retirement” means to them, in terms of how much money they need by what date to be considered retired. It’s their opinion not based on actual numbers and there’s a high probability it does not reflect their reality.
Does the average person realize the importance of this work? Do analogies help? Here’s one to consider.
Are you healthy? How many people would give an answer even if they haven’t had a thorough physical in the last 2 years including labs?
What the general public needs is a survey that asks questions like this:
Do you have an actual plan that looks at all the moving parts of your personal finances and include cash projections that take into account inflation, taxes and market returns including how those elements vary over time? Does your plan include keeping an updated Estate Plan in place?
If so, what caused you to take action to get such a plan?
If not, why have you not taken action to get such a plan in place?
Our guess is that the percentage of people that have a “real” plan is very low. And the percentage that have a plan that was last updated within two years is much lower.
The great news is this. A first version plan can be created very quickly and easily. It’s on-line based, though you need expert guidance using the tool, you can access it online. we can use the tool for your plan; you do not need to go online. We’ll review the results with you.
Hopefully getting a high “version 1” plan and seeing those initial results is intriguing enough to cause you to put in just a little more time to make a notch or two more complete?
Another piece of good news. An online Estate Plan works for a large percentage of the population, is easy and has some positive attributes. You can read our blog post here.
Call us. We’re happy to discuss these ideas and answer your questions.