Older Americans continue to struggle with saving for retirement (#334)

In this episode of Financial Advisors Say The Darndest Things, A.B. Ridgeway discusses the critical question, "How much do I need for retirement?" He explores the challenges that older Americans face in saving enough to live comfortably after they retire. With insights on how inflation, political shifts, and other financial pressures impact retirement savings, A.B. provides practical advice on how to navigate these uncertain times. Plus, find out why depending solely on social security is a risky bet, and discover how to plan ahead with the "Financial Five" team to secure a brighter future.

Key Takeaways:

1. Retirement savings are falling short for most Americans: The national average needed for a comfortable retirement is $967,000, but most retirees only have about $144,000 in their accounts.
2. Social Security isn’t enough: With the average payout around $20,000 a year, relying solely on Social Security will not cover basic living expenses, especially with rising costs of essentials like food and gas.
3. Plan early with the right team: Building a "Financial Five" team—financial advisor, accountant, lawyer, insurance agent, and estate planner—can strengthen your retirement plan and protect your savings from unforeseen challenges.

Notable Quotes:

1. "Retirement shimmers like a shiny but unaffordable object for millions of older households."
2. "Social security is not your golden parachute. You’re not going to live the life you want on $20,000 a year."
3. "The financial five are like fingers—separated, they’re easy to break, but together, they’re strong enough to protect your future."

Resources:

• Download the free eBook: 4 Pillars to Christian Investing, a 19-page guide to mastering account types, debt management, savings, investing, and wealth transfer.
• Schedule a free consultation with A.B. Ridgeway through the links in the description.

Stay tuned and take control of your financial future today!

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🏠 Visit our Website: https://www.abrwealthmanagement.com

*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

Video/Audio Credit: Rights to original poster