But a larger crisis looms. In the years ahead, that lack of savings, when combined with possible cuts in Social Security benefits, is likely to mean that Americans will be working longer, competing for a limited number of employment opportunities that may not pay as well as current employment.
“One of the challenges in plotting a retirement strategy is the significant number of key assumptions that have to be made,” Sound Mind Investing executive editor Mark Biller notes. “The obvious assumptions are the expected rate of return on investments, the future rate of inflation, etc. But it’s easier to let other assumptions slide by without even realizing you’re making an assumption. Being able to work at a job that pays as much as you currently make for as long as you desire may be one such ‘hidden’ assumption,”
To address the new realities of retirement planning, Sound Mind Investing has prepared a complimentary new report, IRAs, 401(k)s, and Social Security: A Retirement Planning Primer. The report explains the “three-legged stool” of retirement income: Social Security, private employer-sponsored retirement plans, and personal retirement savings, and it helps readers craft a plan to help ensure future financial stability.
• An overview of the Social Security system—and why cuts are likely ahead
• A review of the pro and cons of different types of employer-sponsored plans
• An explanation of the differences between a “traditional”
• A discussion of how to keep taxes to a minimum
• Advice on why to consider an IRA, even if you have an employer-sponsored plan
About Sound Mind Investing
Sound Mind Investing was founded 20 years ago by former investment adviser Austin Pryor. SMI exists “to help individuals understand and apply Biblically based principles for making spending and investing decisions in order that: 1) their future financial security would be strengthened, and 2) their giving to worldwide missionary efforts for the cause of Christ would accelerate,”
The Sound Mind Investing newsletter is distributed in print and online to more than 10,000 subscribers each month.
For your free copy of IRAs, 401(k)s, and Social Security: A Retirement Planning Primer, visit http://www.soundmindinvesting.com/
Kevin Woo, Director of Marketing
Sound Mind Investing
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Sound Mind Investing is a monthly financial publication and website that helps people apply biblical principles to their finances and investing. Our mission is to help you have more in order to give more.