How you choose to manage your retirement savings is one of the biggest decisions you will ever make. Whatever retirement planning strategy you put in place will not only play a key part in your financial future, it may also decide the future of your spouse or partner as well as your beneficiaries and their dependents.
But this question is one that is too frequently overlooked. New data from the U.S. Federal Reserve’s Survey of Consumer Finances has revealed that around half of all working-age households believe they will be unable to enjoy their current level of lifestyle once they reach retirement.
This would indicate that there is a crisis brewing. Life expectancy is rising concurrently with the demise of the kinds of generous pension plans available in the late twentieth century and, in the absence of state-level solutions, it is now more important than ever before for retirement savers to act in order to stave off the possibility of financial hardship later in life.