Bohemia, NY (PRWEB) December 03, 2012
On December 3, Savings2Income releases a statement about saving for retirement after a recent article on the effect of baby boomers’ retirement savings on the economy.
A recent article from Bloomberg News stated that the Federal Reserve is concerned that their record easing effort aimed at creating more jobs is being hindered by baby boomers that are saving for retirement. “The reason: Older people are more likely to forgo purchases of houses, cars and other big-ticket items that the Fed is trying to encourage with near-zero interest rates. And their numbers are growing, making the Fed’s task ever harder,” the article stated.
The article went on to say that “people usually save more as they near retirement. Now, the effect is magnified because Americans’ wealth has been depleted by the financial crisis.”
Jerry Golden, founder of Golden Retirement LLC, released a statement in response to this article. “It is very important for people to be aware of where they stand in terms of retirement savings well before they start thinking about retiring,” Golden said. “This goes for baby boomers as well as the younger generation. This is why our website – Savings2Income.com – offers a free retirement income calculator to let people know where they stand.”
Golden has his own proposal to reform Social Security. “It could save $200 to $400 billion, and by helping solve the Grand Bargain, could do much more for economy than encouraging capital purchases by baby boomers.”
Golden added that the low interest rate environment is making it challenging for investors converting savings to income, and that Fixed Payout Annuities need to be added to the retirement mix.
An innovative planning method that was created by Jerry Golden to benefit those recent retirees and those soon to retire called Savings2Income, seeks to provide a clear path to retirement security, and incorporates qualified savings, personal retirement savings and Social Security into an integrated solution.