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Advisor Name, designations
Financial Professional
Prudential Advisors
236 Broadway
Menands, NY 12204
Phone: 800-243-5334
Fax: 800-720-0780
Email: sales@ltmclientmarketing.com
Website: letstalkfinancialwellness.com
July/August 2024
Retirement in the Twenty-first Century
Picture retirement in the 1950s. Americans typically retired at 65, drew a pension provided by their employer, and received a monthly check from Social Security. The average life expectancy in the U.S. between 1950 and 1960 was 68 to 69 years, so citizens might not have spent many years as a retiree.
A History Lesson
In the mid-60s, baby boomers — the generation born 1946 through 1964 — began entering the workforce in unprecedented numbers. Within a short time, employer-provided pensions were replaced by defined contribution plans, including 401(k) plans, making employees largely responsible for saving enough money to fund their own retirements. Baby boomers who were diligent about saving amassed significant wealth.The Black Cloud
Fast forward to 2011. The oldest boomers turned 65 and began to retire. Each year, greater numbers of people were collecting Social Security and enrolling in Medicare. With fewer workers contributing to these programs, funds that were paid out are replenished at a slower rate, putting the longevity of these programs in question.On Your Own
Today, people are living longer in retirement than ever before. Some will save enough money to retire early; others may pursue a second career or start a business. But inflation, higher taxes and rising healthcare costs can quickly deplete savings. Creating a retirement strategy allows you to develop the financial resources you need to pursue and maintain the lifestyle you want. It involves not only accumulating assets but also reducing the risk to your wealth that a long retirement might pose.Tailor Investments
Choosing investments for your retirement portfolio that are likely to reduce risk may increase the longevity of your savings. Consider including investments that are designed to provide a lifetime income stream. In addition, adding tax-free assets to your portfolio can reduce your exposure to future tax increases. It’s a smart strategy to keep a portion of your portfolio invested in equities that offer the potential for earning returns that outpace inflation.Create a Team
Your financial professional, along with your tax advisor, can help you build and implement a retirement strategy.1058823-00003-00
Life insurance is issued by The Prudential Insurance Company of America, Newark, NJ, and its affiliates. Securities products and services are offered through Pruco Securities, LLC (Pruco) (member SIPC). Prudential and its representatives do not give tax or legal advice. Please consult with your own advisors regarding your particular situation. Prudential, the Prudential logo, and the Rock Symbol are service marks of Prudential Financial Inc., and its related entities, registered in many jurisdictions worldwide. Prudential Advisors is a brand name of The Prudential Insurance Company of America and its subsidiaries.
This newsletter is general educational information provided by a Prudential Financial Professional and is not intended to market or sell any specific products and services, but rather provide general information about the subject matter covered only.
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