Monday, November 9, 2009

Would You Rather Be Trendy and Broke, or Atypical ... and Set for Life?

Would You Rather Be Trendy and Broke, or Atypical ... and Set for Life?

If you read this blog or follow any of my media columns on a regular basis, you already know that I strongly believe that only a few are on a truly solid track when it comes to planning for their retirements. Consider this data from July 2008, Social Security Administration’s Publication No. 13-11871: On average, for every 100 Americans reaching ages 65 to 69…
  • 27 have died.
  • 19 have incomes of less than $7,000 per year.
  • 50 have incomes between $7,000 and $45,000.
  • 4 have incomes of more than $45,000.

Most of the people I have shared this data with are quite surprised, because it’s difficult to wrap your head around how someone could live on such a low income, especially in those age groups. But my follow-up question is: Why do you think only 4 have incomes of more than $45,000 per year? Of course, numerous reasons may explain this rather troubling statistic.

In my opinion, though, the most interesting issue here is that most people actually do save for retirement.

Hmmm, so most Americans are saving, but only a tiny percentage are retiring with decent incomes. The reason? They simply follow the crowd and conventional assumptions, which for the most part are completely wrong. You see, it’s not possible to follow anything short of factual, realistic principles and end up in a good spot. And as it pertains to retirement savings, it appears that only about 4 percent of the American population – clearly not the majority – is doing OK.

Here’s the Typical Advice Many Follow

“Just sign up for your employer’s 401(k) or 403(b) program. Make sure you have a well-diversified portfolio. Maintain a “long-term” focus, and you won’t have to worry about the short-term brouhahas. In the long term, you’ll be just fine.” Sound familiar to you?

Although the majority may believe this advice (after all, how could so many financial experts, pundits, and my brother-in-law, Joe, be wrong?), could it be that this advice is precisely what people should NOT be doing? If this were truly sound advice, how come only the few who appear NOT to be following it seem to be making financial headway? You may have heard this before, but it’s definitely worth repeating: Beware of one-size-fits-all financial advice.

For instance, when the stock market crashed in September of last year, the MAJORITY of Americans took a beating with their retirement funds. Although some advisors and the media would like you to believe this is “normal” and happened to everyone, that’s just not the case. A minority of investors did not lose a dime.

NO ONE should arrive at their retirement dead broke, but the time to ensure that does not happen to you is TODAY! Call today or visit us on the Web to schedule your free consultation to find out how you can get on the road to a secure retirement. You can follow the trendy crowd and wind up broke, or you can follow proven techniques that really work. The choice is yours.


One last thing. This is the week we honor our veterans. Everyone here at Laser Financial Group sends out a big, heartfelt “THANK YOU!!” to all our retired and active-duty servicemen and women. America would not be the America we know and cherish so much today without your continued and committed service.

1 comment:

  1. hello... hapi blogging... have a nice day! just visiting here....


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