There is a proverb, “No matter how far you’ve gone down the wrong road, turn back.” With the new year just around the corner, it’s a time when many people make resolutions – and a perfect time for you to get your retirement on the right road!

Retirement Study Calls 73 the new 65

A recent Retirement Readiness Study by Nyhart, a leading actuarial and employee benefit consultancy since 1943, reviewed nearly 10,000 retirement accounts from employees at 110 public and private companies throughout the U.S. The study evaluated how employees’ contributions to their 401(k) would affect the age at which they could retire and found that 81% will not be able to retire by the age of 65.

The leading cause of this shortfall was their failure to contribute enough of their income towards their retirement. The study further uncovered that employees who rely on their 401(k) as their primary retirement vehicle will not be able to retire until the age of 73.

The Million Dollar Retirement Plan

There was a time when having a million dollars for retirement implied complete financial freedom and a life of luxury. Spread out over a 30-year retirement, this $1 million will likely make you comfortable, but not especially wealthy, as Emily Brandon explains in her recent US News & World Report article. What it takes to save this amount over the course of a working career is a clear plan and a willingness to save more of your income if needed.

For example, reducing your monthly expenses and increasing your retirement savings by even just 2% to 4% of your income can help you to accelerate the growth of your nest egg, especially if you have begun retirement savings later in life. Depending on what you estimate your expenses and lifestyle ambitions will be in retirement, it’s realistic to expect that you need to have a seven-figure portfolio when you retire.

When it comes to planning, saving and investing for your retirement, it’s never too late to make a resolution to get on the right road. Let me know how I can help you get your retirement plan on track.

May your holidays be filled with joy and your new year be prosperous!

Andy Block - Mortgage Advisor & Financial Advisor
Opes Advisors
Email Me 
Direct: 650.931.0605
Fax: 650.931.0601

License #01096311
400 S. El Camino Real
Suite 250
San Mateo, CA 94402
Fax 650.931.0601

Opes Advisors is licensed as a registered investment advisor with the Securities and Exchange Commission (SEC) and is licensed as a Residential Mortgage Lender by the CA Dept of Real Estate.

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