Are you currently focusing your energies on discovering financial opportunities to expand your investment portfolio? Have you consulted with a financial planner to assist you with this process? When you seek the services of an investment advisor, they can provide recommendations as well as streamline this process for you.
There are several types of investments that you may already have in your portfolio. In addition to one or more retirement funds, you may also have other accounts where you made financial investments. A financial advisor would be able to provide you with additional wealth management opportunities as well as related services.
Do you have a defined contribution retirement plan? The United States Department of Labor’s recent statistics indicate that there are 638,390 of these plans in existence.
Government workers have access to employee-sponsored retirement plans. Almost 80% of these full-time workers have chosen to participate with these programs.
Civilian workers, however, do not participate at the same level, according to the United States Bureau of Labor Statistics. Only 53% of this segment of the workforce has access to an employee-sponsored program or otherwise contributes to a retirement plan.
A recent survey found that 401(k)s and 403(b)s were the most common defined contribution plans. Of the people surveyed, 44% indicated that they had chosen these.
When looking at overall 401(k) and individual retirement accounts, or IRAs, approximately 70% of these accounts are held by the wealthiest Americans. More specifically, they are held by the richest 20%.
While many individuals have 401(k) accounts, approximately 75% of these account holders have less than $60,000 dollars in their accounts. The average amount in a 401(k) account is currently at $60,000.
Unfortunately, there are one-in-five retirement-age individuals that don’t have any money saved. A recent retirement planning survey was conducted with adults 18-to-29. The results of this study showed that 41% of these individuals hadn’t thought about planning for retirement.
The over-65 population is increasing, and by 2050, this group of older adults will constitute approximately 20.9% of the United States’ population.
If you’re one of the 10,000 Baby Boomers that retire every day, you may want to consider additional financial opportunities to prepare for your upcoming retirement. If you have already retired, you may still want to consider available financial opportunities by consulting with a wealth management service.
