The Dire Need for Retirement Savings

Written by Common Computer Problems on October 6th, 2016. Posted in Financial advisors, Financial planners, Rochester asset management


With the rising cost of living, a check from Social Security often amounts to just a small amount of the money needed in retirement. And with improvements in healthcare, individuals are living longer and need more money for retirement than in the past. The challenges can be shown in statistics:

  • One in five people who are near retirement age have no money saved.
  • Each day, 10,000 people retire.
  • Projections show that the percentage of the American population over 65 will amount to 21% by 2050.

There is an avenue available to those who are aware of it: The 401k and Individual Retirement Account. Both options are designed for those saving for retirement and come with numerous incentives that encourage contributions, from you and from your employer. In addition, both are manage