Many Americans look forward to their retirement, particularly those who have managed to secure steady income streams and consequently can afford not to work. Sadly, things are hardly ideal nowadays, what with a weakened economy and a less-than-perfect healthcare system that has compromised countless retirement plans. According to CBS Local, there’s a good chance that many Americans wouldn’t even taste the fruits of their labor and may even be compelled to keep on working well beyond retirement age:
“The share of U.S. workers who are 55 and older is expected to continue growing, according to the “The Oxford Handbook of Retirement 2013.” The group comprised 12.4 percent of the workforce in 1998. The share jumped to 18.1 percent in 2008 and is expected to be almost 25 percent by 2018.”
A lot of factors brought about this unfortunate turn of events. Yet rather than pin the blame on someone or something, pre-retirees should make it a point to plan ahead and put their money to good use rather than waste their remaining productive years. Such a strategy requires the expertise of a reputable Potomac asset management firm such as AOG Wealth Management.
A wealth management firm advises clients how to diversify their portfolios and identify suitable ventures or investment opportunities to grow their assets. With luck, the fruits of these investments should be enough to sustain a retiree during his or her twilight years. That said, planning one’s assets with retirement in mind is obviously easier said than done.
Some people assume that their pensions and 401(k) investments are enough to provide a sizable retirement fund. The reality is much more complicated than that because the amount incurred by a 401(k) is usually only enough to pay for housing and basic necessities, with little to no opportunity to expand one’s investments and generate additional income. Throw inflation into the equation, and it’s easy to see how one’s 401(k) may no longer be enough to keep up with inflation or provide for basic necessities in the future.
It takes someone with a high level of “financial literacy” to be able to expand one’s wealth even throughout his or her retirement years. For people in DC, this could mean hiring an expert from a reputable Potomac asset management company. With expert help, your modest 401(k) could soon be the ticket to the carefree and peaceful retirement that you deserve.
(Article Information and Image from Retirement Unlikely For Many Blue-Collar Americans, CBS Local Media, December 31, 2013)