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.