A Video Report from American
Express
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Filling in the
cracks in your retirement nest egg…
1 in 10 people don’t know
how much money
they have for retirement!
Overhauling the social security system
has become one of the biggest issues on Capitol Hill.
As the future of pensions and social security remains increasingly
uncertain, many older Americans are realizing they’ll probably have
to rely on their own savings in their retirement years.
So what about you? Are you diversified or unorganized? It’s a
growing problem as people move from one job to the next, making a
common mistake that could rob you of your retirement savings.
Very few
Americans hold the same job for a lifetime – a fact that’s causing
more and more financial problems when they retire. Research shows
people leave behind their retirement accounts when they change jobs,
thereby losing out on the money they’ve worked hard to save.
According to the
2004 American Express Personal Economy Survey, 3 out of 4 Americans
have a 401K plan at work. However, about a third of those people
left the money behind when they changed jobs. Financial advisors
suggest consolidating all your savings and investments into one
account.
Multiple
accounts can lead to duplicate fees, which can be compared to
throwing your money away. It is far more difficult and
time-consuming to track asset performance, stay diversified, and to
manage risk and distributions from your savings if the money is
invested in a variety of different retirement accounts.
But don’t
panic if you haven’t started saving for retirement because it’s
never too late. Meet with a financial advisor and start to plan your
future, today.