“Keystone: … a central building block; a central cohesive source of support and stability.”
We can use the keystone analogy to think of retirement and the need for a structured financial plan in the years ahead. With a growing retirement keystone in place, we have the ability to achieve our financial goals and shape the direction of our lives.
Social Security is that keystone for many people, but a recent Wall Street Journal/Harris Personal Finance Poll indicates that Fewer Americans Plan to Rely on Social Security in Retirement. That’s good news because it implies that more people think Social Security will simply not be enough and are doing something about it.
Fewer doesn’t mean a majority however:
- 60% of all income and education levels are still planning on Social Security as the primary source of income in retirement.
Lots of folks haven’t even started yet:
- Of all age groups, an average of 24% have not started retirement planning. The number stating they have not started retirement planning is highest for 18-34 year olds at 47%, dropping to 5% for 55 year olds.
A common theme:
- Based on age and marital status, more people indicated they started planning for retirement between ages 40-49.
It’s an excellent article that reveals some interesting generalizations. Pensions, IRA’s, savings, investments and yes, Social Security- all can serve as that retirement keystone. But how many of us really take retirement planning seriously in our early years?
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