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August 09, 2006
Boomers Aren't Getting Needed Advice
If you are like most Americans, you don't feel the financial services industry has the ability to meet even your most basic needs when it comes to retirement planning. Less than one-third of adults in a new survey by McKinsey & Co., said they had gotten even a bare minimum of advice about retirement from brokerage firms, financial planners and insurance companies. Most of us, including me, believe that advisors are only interested in pushing products and are putting their own financial interests ahead of their clients.
Baby boomers face a minefield of issues, unprecedented in the last eighty years. The employer sponsored pension system is on its last leg. Healthcare costs are rising four times the rate of other goods and services. And the federal government is effectively bankrupt given the future obligations it has under Medicare and Social Security.
In my view, there is only one answer. Americans must make financial education and financial accountability a priority. No one is going to take care of you. It is up to you to create your own financial plan. The highest priority within that plan must be a permanent and dependable source of income that will support a reasonable standard of living throughout thirty years of retirement.
So let's do our own informal survey. How many of you feel you have gotten good retirement planning advice from the mainstream financial services providers? What do you think motivates the advice you receive? Take the polls below. You will see the poll results when you click "Vote Now". Thanks for playing!
SOURCE:
1. "Boomers Doubtful About Retirement Advice"; Financial Advisor; August 2006; p 32
Kim Snider, Kim Snider Financial Communications, Chronim Investments and/or Snider Advisors make no representation that the information and opinions expressed are accurate, complete or current. The opinions expressed should not be construed as financial, legal, tax, or other advice and are provided for informational purposes only. Call 866-952-0100 to request the Snider Investment Method™ Owner's Manual, which includes a description of the Snider Investment Method, investment objectives, risks, suitability and other information. Please read and consider carefully before investing. All investments are subject to risk including possible loss of principal.
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Kim Snider is an author, speaker and host of Financial Success Coaching, Saturdays at noon, on KRLD Newsradio 1080, Dallas - Fort Worth. This blog is primarily devoted to empowering individual investors with information to help them be good stewards of their money. Above all, it is about achieving true financial success. Kim's book, How To Be the Family CFO: Four Simple Steps to Put Your Financial House in Order is in bookstores now. Order yours from Amazon or other fine booksellers today.
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