Retirement Wake Up Call: BMO Harris Survey Shows Majority of U.S.
Residents Shortage of Savings Will Delay Their Retirement
become an issue of significant concern to members of every income
bracket. It should come as no surprise that according to a recent BMO
Harris survey, the majority of U.S. residents are not confident in
their ability to save for their ideal retirement lifestyle (57%).
Approximately half of U.S. residents (52%) say they have/will or
anticipate maybe having to delay their retirement and/or work
part-time during retirement due to a shortage of retirement savings
"This is a critical wake-up call to everyone, no matter what your
about planning and saving for retirement, and get educated about the
many strategies and tools available to help maximize your savings."
or initiate your retirement planning:
Meet with a professional: A financial advisor can provide the guidance
you need to learn about the retirement planning process and assist youin creating a realistic retirement plan. You just might be surprised
at some of the opportunities available to help build your nest egg.
Start Early: We can't say it enough. Start saving at an early age.
Doing so gives you the advantage of compound interest, your money will
be working for you every single day. Just ask your parents, they
learned this lesson the hard way.
It's never too late: Don't be discouraged if you haven't been saving
for retirement. Instead of giving up, like many people do, start now.
Contact a financial planner who can help you develop a plan for the
best retirement that you can have.
Take advantage of your company 401(k): There are many advantages to
401(k) plans. Don't miss out on any of them. Although rare these
days, some companies still offer to match your contributions
(guidelines will vary by company). If there is no match, you still
benefit because whatever you put into your 401(k) plan is
tax-deferred. Don't forget that no matter how long or short your
career at the company, you can take your 401(k) contributions with you
or roll it over into other retirement vehicles.
Consider a Roth IRA: A Roth IRA is a special type of retirement plan
under U.S. law that is generally not taxed, provided certain
conditions are met. This plan is different from other retirement plans
because the tax break is granted on money withdrawn from the plan
during retirement, rather than for money placed into the plan.
Commit to saving, even if you start small:
"A penny saved, is a penny earned."
Parents, educate your children: So many of us are learning the
retirement lesson, save early and save often, the hard way. Please be
sure to share this knowledge with your children, and guide them to
make saving an important part of their financial lives.
For more information about retirement planning please call:
877-225-3863 or visit
The online survey was conducted by Leger Marketing in all regions of
age, gender, and region in order to obtain a representative sample of
the U.S. population. A probabilistic sample of 1,032 respondents
would yield a margin of error of +/- 3.1%, 19 times out of 20.
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helping clients develop and implement personalized plans for long-term
financial goals such as a financially successful retirement. BMO
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