According to the National Institute on Retirement Security, 66 percent of working millennials have nothing saved for retirement. Crushing student loans, part-time jobs (and therefore no access to a company retirement plan), and layoffs are just some of the factors preventing millennials from saving for retirement.
If you’re a business owner, are you taking the steps necessary to ensure a prosperous retirement? Business owners face a variety of unique questions when it comes to retirement planning, and many put off answering those questions longer than they should. In fact, one-third of nearly 2,000 small business owners recently surveyed said they don’t have a retirement plan.
When it comes to family finances, research shows that more than 50% of parents are supporting their adult children in a variety of ways, from paying groceries and cell phone bills to covering insurance and housing costs.
Over the years, we’ve helped many couples plan for and transition into retirement. A key to success during this critical time is enhancing financial compatibility before one or both step away from their professional lives.