Nearly Half Of All Young Adults Don’t Have A Retirement Plan
Are you looking for financial opportunities for future retirement plans? Feeling like your options are shrinking around you? You’re far from alone. Thanks to fluctuating outlooks on the American economy, a rapidly aging population and changing demographics, many people are searching for financial services to assist with everything from small businesses to retirement. Knowing how to properly budget your finances and plan for the future isn’t easy when you have a million and one different obligations clamoring for your attention on a daily basis. Below is a comprensive list on common issues involving healthcare and retirement, to better set you up for success down the road.
Let’s start off with healthcare. The United States has seen some significant changes signed into law to better help people receive the physical and mental healthcare they need to thrive in the day-to-day. Millions of new Social Security applicants were accepted in just the past few years and recent surveys have seen over a third of Millennials believing they will qualify for disability benefits over the next few decades. Applying for an affordable healthcare plan can help you save money by allowing you to dip into a reserve covering eyecare, dental, mental health services and more.
Did you know only one in five people who are near retirement age have absolutely no money saved? This is an increasing concern for many, as nearly 15% of the American population is aging and that number is expected to see some changes even still. It’s estimated 10,000 Baby Boomers retire every day, yet a recent survey saw 41% of people between the ages of 18 and 29 having never considered retirement planning. Life goes at you fast and, before you know it, you could find yourself digging in your savings for additional support when your health or living situation begins to change.
Last, but certainly not least, we have small businesses. Thanks to changes in the economy, more and more individuals are turning to their expertise and available technology to get their own unique brands out there for the world to see. Small businesses have almost singularly been esteemed with bringing the economy back from the brink and, as such, multiple measures have cropped up to protect them. It’s easier to work on your small business when you don’t have additional concerns on your busy schedule, so let’s talk about saving plans and how they translate into financial opportunities.
Common Saving Plans
There are many ways to save. The old-fashioned way is to put aside a little bit of a monthly check into a savings account, but is easily considered the most unreliable for a few reasons. This can include, but isn’t limited to, unreliability on the part of the individual as well as a lack of education on saving methods. It’s estimated 70% of 401K and individual retirement plan assets are held by the wealthiest 20% of the American population — while you may not be in that wage bracket, picking up a few tips can be helpful for your personalized health and retirement plans. Some work alongside their employers to provide them with assistance, while others find alternatives to traditional 401K plans.
Planning Your Savings
Financial opportunities can be difficult to grasp, but keeping an open mind and using the resources available to you will go a long way for your future success. Many management and financial institutions have savings plans you can apply for, to better help you accumulate interest and achieve small milestones on a long and involved journey. Projections show that 2050 will usher in a significant 20% elderly population, making financial planners more in demand than ever. Consider meeting with your local bank or management professional to discuss your unique living situation, budget and future financial opportunities. How will you start saving today?