If your answer is yes, then you are not alone. A recent survey conducted by the Federal Reserve found that one third of working adults do not have a savings or pension. Furthermore, 38 percent of respondents stated that they have no intention and or plan to keep working indefinitely.

Still, out of the working adults that are saving, less than half felt confident about their ability to make the appropriate investment decisions.

The key message here is: not being prepared for retirement is an avoidable situation if the proper planning is executed.

Proper planning should include but is not limited to:

  1. You are never too young OR old to start saving for retirement so talk with an advisor to understand your options. This applies to preparation for retirement to ensure your current investments deliver what you need as your life changes.
  2. Utilize employer sponsored retirement plans. Never hesitate to speak with an advisor about how to invest these funds as there are typically many choices which can be overwhelming.
  3. Establish an emergency fund. Figure out how much cash you need to feel confident in your ability to cover unexpected medical, housing, car expenses, etc. Keep that balance in your checking or savings at all times.
  4. If your marital status changes talk with an advisor to ensure you and your new situation are well thought out. Perhaps your needs have changed.
Caroline Hill, Financial Advisor


(This article contains the current opinions of the author but not necessarily those of Brighton Securities Corp. The author's opinions are subject to change without notice. This blog post is for informational purposes only. Forecasts, estimates, and certain information contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities).