By Kirk Jewell
Founder and President of Global Financial Services
Retirement can seem like a daunting idea and one that often gets put to the back burner. With the day-to-day activities of successful single parents there is little time to even think about retirement yet alone proactively plan one’ s retirement income. When I ask my clients “ when do you want to retire”? With the exception of the obvious answer…now!!! Most single people I meet with have barely even thought about it and look at me to say” you’re kidding, right”?
Today’s environment is different than 20 or 30 years ago. Defined Benefit Pension plans are just about gone, employee health care costs have sky-rocketed, and todays single income wage earner has to fund 100% of her retirement through their 401k contributions. Lets add college funding into the equation and our failing Social Security System and its no wonder why many people just put it off.
The numbers will be increasing for retired singles in the years to come. According to demographers at Bowling Green University about one third of adults aged 46 through 64 were divorced, separated, or had never been married in 2010, compared with 13% in 1970. [Read more…]