Bohemia, NY (PRWEB) March 04, 2013
On March 4, Savings2Income responds to an article published in The Washington Post, offering personal retirement savings advice to allay people’s growing concerns about their fiscal futures following the current Recession.
According to The Washington Post article, “Fiscal trouble ahead for most future retirees,” by Michael A. Fletcher, published on February 16, 2013, “For the first time since the New Deal, a majority of Americans are headed toward a retirement in which they will be financially worse off than their parents, jeopardizing a long era of improved living standards for the nation’s elderly, according to a growing consensus of new research.”
Fletcher wrote, “Using data on household finances collected by the Federal Reserve, the Center for Retirement Research estimates that 53 percent of American workers 30 and older are on a path that will leave them unprepared for retirement. That marks a sharp deterioration since 2001, when 38 percent of Americans were at risk of declining living standards in old age.”
Jerry Golden, Savings2Income developer, offers advice on retirement preparations saying “As a general rule, most individuals who are in good health should think about working longer to (1) increase their Social Security benefits, (2) allow savings to accumulate more, and (3) reduce the cost of purchasing lifetime Guaranteed Income. Fixed payout annuities providing lifetime income cost less as you get older.”
Golden adds, “Individuals should start creating a Plan for Retirement Income as soon as possible. That would help to uncover possible deficiencies in savings and inappropriate investment strategies, as well as help avoid high cost financial products. It would also go a long way toward helping alleviate an individual’s concerns about statistics like those stated in the article.”
An innovative retirement planning method called Savings2Income (S2I) created by Jerry Golden seeks to provide a clear path to retirement security for those saving for retirement, soon to retire, and recently retired. S2I incorporates Rollover IRA savings, personal retirement savings held outside an IRA or 401(k) plan and Social Security into an integrated solution.