Why SWA?

Put the SWA advantage to work for you.

Learn More

Video

Concerned about market volatility?

Watch Now

Contact Us

Send us an email or call us today.

Email Us

C.H. Robinson

We specialize in working with C.H. Robinson employees across the U.S.

Learn More

Print

Have You Saved Enough to Retire?

Written by Bruce Primeau on .

I recently read an article entitled, "U.S. Workers Still Lag In Retirement Savings, But Execs See Hope," in Financial Advisor Magazine and I want to share some of the points they provided. According to an Insured Retirement Institute study of 806 people between the ages of 55 and 71:

  • 42% of those surveyed have no retirement savings
  • Of those that have some retirement savings, 38% have less than $100,000 saved
  • Only 38% of those surveyed have even calculated what they will need to retire
  • Less than 20% of those surveyed feel very confident that they can retire securely while 30% say they are not at all confident they can ever retire
  • According to Tim Seifert, Vice President and head of annuity sales at Lincoln Financial Group, 75% of people who turn age 65 this year will be alive at age 90 and nearly 50% will be alive at age 95

The above statistics are very concerning to me since most people are not saving adequately for what could be a 30+ year retirement time horizon. This also explains why many people reaching age 65 are continuing to work, at least part-time, simply because they cannot afford to retire. While I realize the title of the article finishes with "Execs See Hope," I guess I am not seeing where that hope may be coming from. The statistics outlined above clearly paint a dim picture and, in many cases, may mean that many of the children of those baby boomers may become financially responsible for their parents.

I guess the one statistic that stands out most to me is that only 38% of those surveyed have even calculated what it will take for them to retire. That means that 62% are either "winging it" or are just planning to work for the foreseeable future – neither of which is a good solution.
If you find some of the statistics outlined above concerning, or you or someone you know is part of the 62% "winging it," feel free to reach out or pass along our contact information.

Bruce Primeau – This email address is being protected from spambots. You need JavaScript enabled to view it. 612-987-9112
Becky Botzet – This email address is being protected from spambots. You need JavaScript enabled to view it. 763-639-3425
Jon Govin – This email address is being protected from spambots. You need JavaScript enabled to view it. 763-355-5873

North Metro: 763.355.5873
227 East River Parkway
Champlin, MN 55316-5873

South Metro: 612.987.9112
5871 Crossandra Street SE
Prior Lake, MN 55372-3337

West Metro: 763.639.3425
322 Greenhill Lane
Long Lake, MN 55356

This email address is being protected from spambots. You need JavaScript enabled to view it.