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Affording Retirement

May 18, 2011 | Filed Under Finance, Investment, Retirement Savings | Comments Off

Are you among the 40% of working Americans that feel you will never be able
to afford to retire? A Harris Interactive survey of 1005 American workers,
reported figures to the American Institute of Certified Public Accountants,
that reveal the pessimistic outlook many Americans have regarding their
future days in the sun.  The study also showed that 55% of workers don’t
know how much they’ll need to retire.  Those who have some figure in mind,
are likely to underestimate how much they’ll need in savings.

The current state of the economy has left a hefty 56% of Americans who say
they can’t afford to save, and almost a third who feel they are financially
worse off now then they were a year ago.

“These statistics suggest we are on the verge of a retirement crisis in
America,” said Jordin Amin, chairman of the National CPA Financial Literacy
Commission(AICPA).  “Americans don’t know how to prepare for their twilight
years, and many have put off figuring it out because they’re struggling to
make ends meet now.”  Concerns over rising gas and food prices have 60% of
Americans interviewed by the AICPA Commission making adjustments to their
financial planning.  Worries over retirement however, are still looming over
90% of those interviewed, outranking concerns over uninsured medical
expenses, gas prices, and expanding educational costs.

The American Institute of CPA’s is trying help Americans gain financial
health through free educational programs and tools, and a task force of
volunteer CPA’s.

Despite the cloudy outlook, it is encouraging to find that nearly 60% of the
survey participants see savings as part of their lifestyle, regardless of
their current means to provide for it.

“Here’s  the best advice I can give for retirement planning: Start!”, Amin
said, “Set aside a $1 a day for an IRA, or $100 a quarter for a 401(k).
Small change adds up.”

In addition, the Commission offers these tips in establishing a financial retirement

  • Track your expenses for three to six months. Then think about how those expense                                                might change in your retirement years.
  • Create a concrete plan, determining how much you’ll need to save.
  • Develop a transition plan.  Many Americans reaching age 65, discover that their working                                           years still lie ahead.  Consider doing part-time or consulting work to supplement                                                      your  savings in order to transition into full retirement.

For more personal counsel about retirement planning, contact Shari Mattingly-Bevan
& Associates to help get you on track  for retirement.  864-283-6906 or

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