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Why Plan?
Financial planning pays off! Survey after survey describe the precarious financial position in which many seniors, pre-retirees and parents find themselves because of a lack of adequate planning. Some of the findings:
Seniors
Fifty-nine percent of the nearly 2,000 respondents wished they had started saving earlier, while 70% regretted not saving more through their employee-sponsored retirement plan or via an independent plan. - a survey for Putnam by Brightwork Partners LLC, a research-based consultancy focusing on retail financial services
24% of boomers surveyed say they have had to cut back on spending because they have not saved enough for retirement. - the Fifth Annual Across Generations survey by New York Life Investment Management LLC
Pre-retirees
About a third of working adults say they will delay their retirement plans -- 55% of workers say it’s because they have not saved enough money, 35% say they started saving too late and 34% say they need to retain employee-sponsored health benefits.
- a survey by Fidelity Investments
Those without a financial adviser were 63% more likely than those who did have an adviser to say they were "uncertain" about their retirement. - a survey for Minneapolis-based American Express by the Roper Public Affairs group of New York-based NOP World
Parents
44% felt they were totally unprepared to pay for their childrens' college education. Some 43% of middle-income parents and 29% of high-income parents said they had little or no understanding of their financial options with regard to education funding. - a recent survey conducted by Collegiate Funding Services, a leading education finance company
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