It’s common for people to have a number of concerns when confronting the necessity of saving for retirement.
Fortunately, there are several tools people can use to combat these retirement worries, including 401(k)s, careful planning and consulting with financial advisors to develop effective strategies.
One major fear people have is that they might run out of money during their retirement years. This concern is exacerbated by an otherwise positive development: increasing life expectancies.
Another is inflation. The purchasing power of a person’s savings is diminished with inflation because the total dollars available to them remains the same as prices move higher.
Health care costs are another big concern as people save for retirement. So is the future of Social Security. Its trust funds are projected to no longer be able to pay 100% of retiree benefits beginning in 2035.
Many people, regardless of age, take a close look at their retirement savings and come to the frightening realization that they are behind their goals.
Liz Miller, CFP and founder of Summit Place Financial, recently sat down with TheStreet host Conway Gittens at the New York Stock Exchange to discuss options people have who find themselves in such a situation.
