Welcome back to our blog page here at Centerville’s best source for financial services, Guardian Financial Group. Helping people successfully manage their finances is not only something that we’re extremely passionate about, it’s something that we do extremely well. We have Centerville clients who come to us for all kinds of things and we do everything we can to help on their financial journey.
We meet with people who are spending way more than they make and simply need a better financial plan. We meet with folks who have a great retirement savings fund started and they want to see if it’s enough to make their golden years comfortable. We have new parents coming to us to help them set up a realistic plan for a college savings fund for their child. Whatever your financial needs are, reach out to our Guardian financial advisors at Guardian Financial Group.
As experts in our field, we understand the value of saving for the future, but as we’ve seen from many of our clients, and what we’ve noticed about the average American, those who are saving enough for the future are few and far between. There was a time when Social Security benefits covered senior citizen’s expenses and even allowed them to have a comfortable living throughout retirement. Medicare allowed for them to have excellent health coverage and retirement was pretty cut and dry.
These days, Social Security benefits don’t offer that same comfortable life during retirement and more and more folks are realizing that they’re not financially ready to retire when they’re in their 60s or even in their 70s. Seeing elderly people work long hours and late nights when it’s clearly putting a strain on their fragile bodies is something that isn’t easy for us to see, yet, it happens every day.
According to CNBC, 70 percent of Americans have less than $1000 put away for savings, and 34 percent of us have nothing saved at all. Baby Boomers, Generation Xers, and Millennials alike are struggling to put anything away for those golden years that always seem to come sooner than we think. Since only 15 percent of Americans have over $10,000 saved for their retirement — and even that amount is hardly enough to supplement retirement for decades — it’s safe to say that something needs to change.
What is the Recommended Amount to Save?
So maybe you understand the problem, but you’re struggling to find a solution that you can get behind. It’s recommended that by the time we’re 50-years-old, we have at least five-times our annual salary saved. By the time we’re 55, we should have six-times our annual salary saved, and by the time we’re 60, we should have saved up seven-times the amount of our annual salary.
Since some of the biggest financial regrets for most Americans include not saving enough for retirement, not saving enough for emergency situations, and not saving enough for their children’s education, it’s easy to see why we stress the importance of saving.
Many people are stressed out and downright worried about what little they have saved for retirement. But instead of letting that fear keep you up at night, consider meeting with a Guardian financial advisor. The amazing thing about what we do is that we’re often able to give people ideas for saving money in ways that they never thought of before. Our goal is to provide our Centerville clients with a viable solution to their lack of savings so that they can have peace of mind about retirement.
If you’re ready to talk to an expert financial planner, contact us at Guardian Financial Group today!