Financial advisors give tips for keeping up with your retirement savings
TOPEKA, Kan. (WIBW) - AARP is working on legislation, called the Kansas Secure Future Act, to help Kansans get on track for their financial future.
Mary Tritsch said one factor is too many people rely on pensions.
“We know that 42% of Kansans who are 25 and older don’t have a workplace savings retirement plan. That’s 423,000 individuals across the state that don’t have a way to save at work and I think that’s one of the problems,” she said.
Robb Hill is a financial advisor in Illinois. He said according to the Social Security Administration, 94% of baby boomers have less than $5,000 saved for retirement. A study from Northwestern Mutual’s 2018 Planning & Progress Study in 2019 shows 21% of Americans had nothing at all saved for the future, and another 10 percent had less than $5,000 tucked away.
Hill said you should start as early as possible because no one really knows how long they’ll be able to work.
“Retirement is not an age. Retirement is a financial position,” said Hill. “I explained this to my clients all the time I say look, ‘you can turn 65 all you want but if you don’t have no money, you are not retired my friend you have been fired.”
He said it’s best to look into more than one stream of income and encourages people to look into more than one way to make money.
Hill: “Which is what a lot of people are going to have to do because 95% of the population is on the wrong track.”
Both say regardless of how much is in the bank -- it’s up to you to make sure the funds are there.
Hall said, “This animal that they call inflation, it’s just getting bigger. See, what a lot of people don’t understand is that everything that the government gives to the people, it must first take from the people because the government doesn’t produce anything.”
“If they feel they have enough savings you know that’s their decision to make, however, we might recommend that they check in on that just say talk to someone about it or find out, or use a tool online to just figure out where they are and they may learn something, they may find out that they’re okay but it’s up to each individual to determine that,” said Tritsch.
Tritsch said 80% of people 45 and older surveyed are worried they’ll not have enough retirement savings.
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