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For most people, by the time they’re in their 40s they’ve likely experienced the highs (and perhaps the lows) of personal finances. They may have some money in the bank, own a house, be saving for their children’s college tuition – and hopefully, they have been contributing to a retirement plan.
According to a Gallup survey the average retirement age is 61. So with roughly 20 years until retirement, now is the perfect time for a financial advisor to recommend that it is really time to start focusing on savings. Here are some things you as a financial advisor can discuss with a plan participant in their 40s:
It’s National Save for Retirement Week, So now is a great time to consider how you could help plan participants in their 40s get serious about retirement planning.
What other things can participants in their 40s do to prepare today to reach their savings goals?