the difficulty of saving
TRANSCRIPT
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Brady Speers
The Difficulty of Saving
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An overwhelming portion of the middle-class have all but given up on the retirement
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New research shows their despair is a heartbreaking reality
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Most people say that saving for retirement is more difficult than they had expected, however there are not
too many people making the necessary adjustments
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About 22% of workers say they would rather die early than run out of
money, according to a Wells Fargo Middle Class Retirement survey
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In the same survey results yielded 61% of participants are not
sacrificing a lot to save for retirement
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Almost 75% recognize they should have started
retirement savings earlier
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The survey, looks at the retirement planning of Americans with household
incomes $25,000-$100,000, who also held investable assets of less than $100,000
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33% are contributing nothing to a 401(k) plan or an IRA, and 50%
report they have no confidence that they will have enough to retire
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Americans who have an employer-sponsored retirement plan,
especially a 401(k), are performing much better than those without one
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Americans between the ages of 25 and 29 with access to a 401(k) have put away a median amount of $10,000. Americans ages 30-39 with a 401(k) plan have saved
a median amount of $35,000
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Lastly, Americans between 40 and 49 with 401(k)s, the
median amount is $50,000
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Despite its many drawbacks, 401(k) remains our go-to national savings
plan, and the most logical choice that the middle-class has at achieving a
good retirement security
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Those without access to 401(k) plans would benefit from a direct-deposit Roth or traditional IRA or another
kind of tax-favored account
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Data shows that most Americans fail to make new contributions to IRAs, with most of those assets
coming from 401(k) rollovers
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There is one exception to current data however, there is a growing
number of Millennials that are making Roth IRA contributions
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Most people do understand the need to save for retirement, but they don’t
view it as an urgent goal requiring careful and calculated spending
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Americas were asked where they would cut spending if they wanted
to begin saving for retirement
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56% of participants claimed they would give up luxuries such as spa visits and jewelry, 55% said they
would curtail eating at restaurants, and 51% even said they would give up
a major purchases ie. cars or homes.
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Conversely, 38% of people said they would forgo a vacation
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A vacation now and then is great but do the lavish vacations trump the years of retirement security?
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Given these economic headwinds, like rising costs in healthcare, education,
and taxes it’s important to have a plan
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If you have a 401(k), be sure to contribute at least enough to get the full company match
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And if you lack a company retirement plan, opt for an IRA
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It is a tough process but it will be a sweet reward when you can retire in peace and feel
secure in your future endeavors