October 21-27 is National Retirement Security Week. While only two-thirds of American workers are saving, those who are saving generally save less than would be required to fund a financially secure retirement. So what barriers may be preventing you from reaching your retirement savings goals?
Debt is one of the top reasons that people put off saving for retirement. Having to divert your income to debt payments can make it difficult to start building for your financial future. Total outstanding U.S. consumer debt is almost $4 trillion—that doesn’t even include installment debt like student and vehicle loans, and mortgages.
In fact, debt is so pervasive and problematic that more than 1 in 10 Americans expect to be in debt for the rest of their lives, according to the 2018 Planning and Progress Study from Northwestern Mutual.
But that doesn’t have to be your reality.
Debt repayment strategies can help you get a handle on what you owe, so that you can focus on your financial future. Wespath offers professional assistance with your repayment plan from the experts at EY Financial Planning Services1.
Talk confidentially, one-on-one with a financial planner who can address your financial questions or concerns. Call EY at 1-800-360-2539 or visit their website at wespath.eyfpc.com.
1Costs for EY Financial Planning Services are included in Wespath’s operating expenses that are paid for by the funds. EY Financial Planning Services are available to active participants and surviving spouses with account balances, and to retired and terminated participants with account balances of at least $10,000.
From the October 2018 issue of Hark!