Worried That You Won’t
Be Able to Retire?
By Jay Wilke
About two-thirds of
American workers fear they’ll have to work full or
part-time after retiring from their main job because they’ll
need the money, according to a new survey. Anxiety is rising
among Americans who worry about their retirement income.
The survey, conducted last summer by the John J. Heldrich
Center for Workforce Development at Rutgers University,
found that 12% of the 800 workers interviewed believe they’ll
never be able to afford to retire.
The traditional notion of retirement, where one stops working
completely and enjoys leisure time with friends and family,
has become nearly obsolete. In fact, many workers fear they
will not be financially able to leave the workforce at the
traditional retirement age.
Poor money management skills may be the cause of employees’
lack of ability to manage their investment plans, leaving
them financially vulnerable in retirement. Because of this
inadequate knowledge, coupled with the varied financial
needs of different employee populations, employers must
establish a solid foundation of education and advice to
ensure workers get the most out of financial education programs.
Employers need to offer more than just investment advice,
including the establishment of HR policies designed to prevent
early financial problems and stressors as well as free money
management seminars, especially if plan providers offer
no advice. Businesses should bring in a professional financial
advisor, such as a chartered financial consultant (ChFC),
and ensure the instructor does not solicit business from
the employees.
According to Jeffrey B. Harris (ChFC), author of the book
Retire Rich and Happy: 12 Secrets to Retirement Success,
“Quality of life is just as important as money. Most
people should delegate the management of their retirement
money and find a good, unbiased investment advocate to help
them.”
Harris points out that there is a critical difference between
a commissioned salesman and a true investment advocate like
himself. “Traditional stockbrokers sell financial
products regardless of how appropriate they may be for the
customer. An advocate like me earns a fee for service and
has a legal obligation to work for the client’s best
interest.”
In his book, Harris explains a simple, yet powerful process
for prudent investment management that has helped people
accumulate the funds they need to enjoy financial independence.
“Most importantly,” Harris adds, “This
process has worked regardless of stock market ups and downs.”
Harris says being rich won’t necessarily make you
happy. “My book outlines a process that has helped
those who use it enjoy a fulfilling, meaningful life focused
on family, faith and strong personal relationships.”
For a review copy of the book or to set up an interview
with Jeff Harris for a story, please contact Jay Wilke at
727-443-7115, ext. 223 or at jayw@event-management.com.
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