Page 3 - Allisons Newsletter, Lakewood Village - Aug 2018

financial planning l YOUR MONEY

by Janet Kidd Stewart THE JOURNEY: Fund, for example, was 8.35 percent LAKEWOOD
as of May 31.)
W financially speaking, with steady contributions an account VILLAGE
you,
That’s just one benchmark, and
here
were
five years ago? Since
the rate of investment growth. But did
2013, millennials’ retirement savings should be growing by more than just REAL ESTATE EDGE
Publisher
have nearly doubled, while baby RETIREMENT you raid your account for a personal Allison Van Wig
boomers and Gen Xers have seen emergency? Stop contributions due to CA BRE #00985700
their median retirement accounts job loss or some other crisis? Incur a
surge by 60 percent, according to SAVINGS big, unplanned expense that crowded
a new survey by the Transamerica out your ability to save?
Center for Retirement Studies. Now, think about the next five
years. Where do you want to be? If
LANGUISH
BEFORE ANYONE you’re several years from retirement
GETS TOO COMFORTABLE, age, forget for a minute about trying to
HOWEVER, CONSIDER THIS: calculate how much retirement income 4435 E Village Rd
• Just 16 percent of baby boomers, FOR WOMEN you’ll need. Just think realistically Long Beach, CA 90808
people born between 1946 about how much your savings could 562-882-1581
and 1964, said they are very with women’s median savings of stock market) and less engaged in the grow and about how to make sure Allison@superbroker.com
confident they’ll be able to retire just $42,000. management of investments.” you’re moving forward every year, www.SuperBroker.com
comfortably, according to the What to take away from all this? even if it’s only by a little. You may not
survey of 6,372 U.S. adults. “The disparity between men’s and Collinson suggests making it personal. be miles ahead, but you’ll be ahead.
women’s savings is quite shocking,” “The last few years we’ve seen A note to widows: In February,
• Today’s median retirement savings said Catherine Collinson, the extraordinary growth in financial the Social Security Administration’s
are far short of levels needed to replace organization’s president. markets, but we’ve also seen people Office of Inspector General said its
a high percentage of workers’ pre- Women’s median savings inched up taking loans and early withdrawals investigation found that field offices
retirement income. Boomers have a about 24 percent from $34,000 five from retirement accounts, which routinely do not inform widows
median $164,000 saved, Gen Xers years ago. During that time, men’s inhibit their growth,” she said. and widowers that they can apply
(born between 1965 and 1978) have median savings rose 81 percent. In that spirit, consider your own for work-based and survivor benefits 6427 Busch Blvd.,
$72,000 and millennials (defined in “The gender pay gap persists,” circumstances and whether you are separately, a move that can add Columbus, OH 43229
877.872.3080
the survey as born between 1979 and Collinson said. Women are also more truly on track. substantially to their lifetime benefits. www.DiscoverPubs.com
2000) have $19,000. likely to experience employment gaps Think backwards five years and The office estimates that estimate
while they care for family, which remember how much was in your 9,224 survivors were underpaid by Sudoku, Scrabble, Crossword
and articles distributed by
• Men reported having nearly three affects savings levels, she said. “It also retirement account at that time. $132 million as a result. n Tribune News Services and
times the amount of retirement appears that women tend to be more Has your balance grown as fast as a Brandpoint where noted.
© Copyright 2018 by
savings than women. Across all conservative as investors (meaning target-date mutual fund? (The five- ©2018 Tribune Content Agency Discover Publications, Inc.
age groups, men reported median they may have disproportionately year average annual return for the Distributed by Tribune Content All rights reserved.
savings of $123,000, compared missed out on the past decade’s bull Vanguard Target Retirement 2030 Agency, LLC
3