We all know that Americans today are not generally great savers. The parents of these same people today in many cases were just the opposite. Known as Depression babies, it was all about savings and preserving of their assets that they spent their lives accumulating. It seems it is more about earning today to spend and stay up with the cost of living.
Leaving funds in low earning interest rate vehicles will only compound the problem of ending up short on your retirement nest egg goals. The numbers are extremely poor when it comes to an annual average return on a savings account after inflation is only .5%. Should you even factor in taxes on the interest the numbers are in the negative return range.
It is quite difficult to grow your savings for future retirement income needs at .5% or less return. Many folks realize that a Pension is not available to everyone and Social Securitycould be in jeapardy in the future years so the burden continues to fall on what you have saved or accumulated or maybe even inherited.
In 3 new cases this week the amount of excess cash doing nothing earning little gains, I learned that the biggest reasons were as follows:
1. Very concerned about the volatility of the Stock Market especially now.
2. Wanting access to the funds incase of an emergency
3. Wanting to be able to pay for care out of pocket for the future if needed.
4. People don’t know what else to do with these funds.
The first step to help your cause is to get some professional guidance. Not all investment advisors are focused on Asset Preservation with Safety of Principle and Retirement Income Planning. Fairway Financial LLC of Danvers, Mass. is unique to these issues. NO Market Losses!Tax Deferred savings and growth! Competitive rates of return guaratneed! Then if needed Guaranteed Income for Lifetime!
Here is a sample of what is available to you for a much better rate of return for savings funds. How about a 3.25% fixed rate? How would you like to get Stock Market performance potential of 4-7% and never lose any of your gains? If you would like to have funds grow for future income needs guaranteed, think about 6.5%-8% added to this account every year.