Medora Lee’s Post

Gen X faces a retirement savings shortfall despite optimism. Rising living costs, economic pressures, and debt burden hinder savings, with many planning to work longer to bridge the gap. Start planning now for a secure future! #RetirementSavings #GenX https://lnkd.in/dQMnDX35

Gen X is the first generation to start working as 401(k)s replaced pension plans, and will be the next to retire after the boomer generation. But have they saved enough?   https://lnkd.in/g8bCMQAy   #retirementplanning #genX #retirementsavings

The Gen X generation has had no easy journey, facing multiple economic crises, phased-out pension plans, rising inflation outpacing wage increases, and skyrocketing costs. Even social security isn't as dependable as everyone once thought, adding more uncertainty to retirement planning. While many are saving, few have a concrete plan. 📊 Stark Realities: * 65% of Gen Xers feel behind in their retirement savings. * The median retirement savings for Gen X is just $64,000, far below what’s needed for a comfortable retirement. * 33% of Gen Xers have no retirement savings at all. 🛤️ How to Create a Strategic Plan: 1. Define Your Goals: Understand what you want your retirement to look like. Do you want to travel, start a new hobby, or just live comfortably? 2. Break Down the Numbers: Calculate how much you need to save to meet your goals. Use retirement calculators and consider factors like inflation and life expectancy. 3. Regular Reviews: Your plan should be dynamic. Regularly review and adjust based on changes in income, expenses, and life goals. 💡 Take Action: * Set Clear Milestones: Aim to reach specific savings targets by certain ages. * Explore Diversified Investment Options: Look into various ways to grow your savings. * Seek Professional Advice: A financial advisor can help tailor a plan to your specific needs and goals. If this sounds like you, let's chat and begin creating that strategic plan! And if you're a Millennial or Gen Z and this feels far off, let's still chat and make sure you're moving in the direction you want to be! It's never too early to be financially organized! 🎯💼 #TuesdayTip https://lnkd.in/ggkFyiTw

Did you know that Gen Z wants to retire at 61? 61!!! How does one do that, especially when that specific generation faces obstacles like rising inflation, unexpected expenses, and just meeting monthly living expenses? This article by Gregg Greenberg from InvestmentNews is a very interesting read on the topic and offers some potential solutions for Gen Z-ers who are looking to get out of the workforce early. Maybe I'm alone, but I think this is a really interesting opportunity for employers in the age of the Great Resignation, to provide additional retirement options for their employees on top of their 401(k.) Is a golden age of deferred compensation upon us? Thanks to Finseca for sharing this article with the community. #genz #genx #xennials #millennials #geny #generations #retirement #retireearly #retirementgoals #financialsecurity #saveearlysaveoften #save #savings #401k #ira #rothira #roth401k #deferredcomp #nqdc #executivebenefits

Research reveals 2/3 of Baby Boomers may face financial risks in retirement. Key factors: gender, race, education. Annuities could supplement Social Security. It's time for a secure retirement plan! #Annuities #Pensions #DefinedBenefits #SecureRetirement https://zurl.co/Aunj

Research reveals 2/3 of Baby Boomers may face financial risks in retirement. Key factors: gender, race, education. Annuities could supplement Social Security. It's time for a secure retirement plan! #Annuities #Pensions #DefinedBenefits #SecureRetirement https://zurl.co/Aunj

Attention Baby Boomers: Is Your Retirement Truly Secured? Here are 6 essential financial strategies every Boomer should implement to help safeguard their hard earned savings and help achieve the retirement certainty they deserve: https://lnkd.in/e4kJe7ja #babyboomer #finance #retirement

How Much Should You Save for Retirement? By age 30, you should have one time your annual salary saved. For example, if you're earning $50,000, you should have $50,000 banked for retirement. By age 40, you should have three times your annual salary already saved. By age 50, you should have six times your salary in an account. By age 60, you should have eight times your salary working for you. By age 67, your total savings total goal is 10 times the amount of your current annual salary. So, for example, if you're earning $75,000 per year, you should have $750,000 saved. The Bottom Line Saving for your retirement is perhaps one of the most important financial goals that you will ever have. When you can't, or don't wish to, work any longer, you will need substantial savings to sustain you, whatever your lifestyle. Carve out the time to review your savings today. Launch a concrete savings plan if you're younger or corrective savings course of action if you're older. Be disciplined about putting money aside now to ensure a financially secure future. Call or Text me to help get you on track (803) 736-3406 See Source below. https://lnkd.in/gfEcUkiF.

The median 401K account balance for Americans in their 50s is $60,900. That's hardly enough to last through retirement and is an alarming indicator that folks aren't saving early enough. Check out these ideas from Employee Benefit News! And if you're looking for ways to scale and personalize your retirement education, Jellyvision and ALEX can help!

How Much Should You Save for Retirement? By age 30, you should have one time your annual salary saved. For example, if you're earning $50,000, you should have $50,000 banked for retirement. By age 40, you should have three times your annual salary already saved. By age 50, you should have six times your salary in an account. By age 60, you should have eight times your salary working for you. By age 67, your total savings total goal is 10 times the amount of your current annual salary. So, for example, if you're earning $75,000 per year, you should have $750,000 saved. The Bottom Line Saving for your retirement is perhaps one of the most important financial goals that you will ever have. When you can't, or don't wish to, work any longer, you will need substantial savings to sustain you, whatever your lifestyle. Carve out the time to review your savings today. Launch a concrete savings plan if you're younger or corrective savings course of action if you're older. Be disciplined about putting money aside now to ensure a financially secure future. Call or Text me to help get you on track (803) 736-3406 See Source below. https://lnkd.in/gczk-ZC8.