TERRE HAUTE, Ind. (WTHI) - Are you saving enough for your golden years?
A new worldwide study by HSBC, an international banking and financial services company, suggests most adults are not putting away enough for retirement.
Locally, that couldn't be more true.
"People just don't seem to take it serious. The crisis we're in as far as retirement...50 percent of the baby boomers don't have enough saved for just their basic needs of retirement, so it's going to be a huge problem," Collins Financial Group President David Collins said.
Most of Collins Financial Group's clients are in their 50s when they contact the group.
That's almost too late.
Collins says the key to making sure you're ready for retirement is developing a plan early.
"Whether you're 20, 30, 40 or 50, is get with a financial advisor and take inventory of where you are today, where you want to go and develop a plan to try and get you there," Collins said.
It's a lesson 26-year-old Brandon Baston learned from others' misfortunes.
"My parents' generation, they're going to struggle with financial struggles with the retirement. My grandparents are in the same situation. So, I thought if I can start saving now at a young age of 19, by the time it's time for me to retire, whenever I'm in the 60s, I will have the money," Baston said.
Folks are retiring early, at around 62 years old.
"They're going to live well into their mid 80s maybe 90. So, one-third of their life is going to be spent in retirement, and they just don't have enough money saved," Collins said.
Many are forced to go back to work.
"Now, there's no jobs for kids coming out of college, because the baby boomers are having to hold on to those jobs," he said.
They're fundamentals that Collins says need to get back on track by taking steps now.
"Life happens, so things don't always turn out the way you would have expected them to. So, you have to have some contingencies."
Collins Financial Group encourages you to develop claiming strategies for your social security, since it can be cut by retiring early.
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