Retirement Wake up Call: Survey Shows Majority of U.S. Residents
Shortage of Savings Will Delay Their Retirement
has 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 (57 percent) are not
confident in their ability to save for their ideal retirement
lifestyle. Approximately half of U.S. residents (52 percent) 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
"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."
Skolnik provides the following tips to guide you as you review 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 you
in 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 advisor 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 when you leave a company, you can
take your 401(k) contributions with you or make a rollover into other
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. Tax treatment is different for this plan 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the tax break is granted on money withdrawn from the plan during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. Share
this knowledge with your children, and guide them to make saving an
important part of their financial lives.
The good news is that there are a variety of ways to help you save to
enjoy your golden years. For more information about retirement
planning, contact your local M&I Financial Advisor, or call:
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.
About M&I Wealth Management, A part of BMO Financial Group M&I Wealth
Management, A part of
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corporations, institutions and affluent individuals. For high net
worth individuals and families, M&I Wealth Management offers a
comprehensive range of customized wealth management services that
include financial planning, investment management and advisory
services, trust and estate services, and private banking. In 2011, M&I
Wealth Management became a part of
largest diversified financial services organizations in
with total assets of
than 47,000 employees.
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that we notify you that, with respect to any statements regarding tax
matters made herein, including any attachments, (1) nothing herein was
intended or written to be used, and cannot be used by you, to avoid
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SOURCE M&I Wealth Management, a part of
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