Finance Spectrum Released Their Tips for Seniors to Recover Their Lost Wealth

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Finance Spectrum today released their tips for helping Americans, especially seniors, recover their lost wealth. These tips were issued following The Center for Household Financial Stability’s, an office of The Federal Reserve Bank of St. Louis, annual report in an essay authored by Ray Boshara, the Center's director, and chief economist, William Emmons.

Finance Spectrum issued these tips because in the May 30th Federal Reserve’s report it showed that Americans are still short from recovering their pre-recession wealth. The Federal Reserve’s report stated that Americans, after adjusting for inflation, have only recovered 45% of their lost pre-recession household net worth.

Finance Spectrum’s tips’ included “Work to make more money” including ideas for retired seniors to maximize their pre-retirement skill set and utilize these unique skills to supplement their income at higher pay rates while still only working a few hours a day. Another of the tips is to analyze their existing financial products and look for ways that they can lower the hard costs. It was suggested that for existing policies and investments to ask their broker or agent if they offer cheap life insurance, discounted annual investment fees or any other cost saving measures on the retirees existing policies.

Other tips Finance Spectrum included were based on being more creative in one’s activities and spending time to plan some fulfilling moments as opposed to following your normal, more expensive life patterns. One example was taking your children or grandchildren on a walk to identify wild flowers as opposed to giving them disposable gifts.

The Federal Reserve of St. Louis’s report indicated that much of the recovered wealth of the United States is in the form of increased holdings of stock and mutual funds. The Federal Reserve also said that since 80% of stock owned by US households is owned by the wealthiest 10% of Americans that even though there is an over all increase in wealth since the bottom of the recession, this increase is concentrated in the wealthier households.

Finance Spectrum inspired by The Federal Reserve’s report on the failure of Americans to recover their lost wealth, released a series of tips to help Americans try to get back their lost wealth.

Finance Spectrum is an online publication focused on helping Americans with their finances with an emphasis on the wealth of Americans over the age of 50.

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