Monopoly was one of my favorite games as a child. I especially enjoyed saving up my money to purchase all the railroad stations.
Back then, it seemed so simple to save and budget. But, unfortunately, Monopoly is not real life, and there are many obstacles that get in the way of individuals who want to budget and grow their savings.
A few facts about saving might answer some of your questions – or at least serve as interesting trivia at your next dinner party:
• Nearly 70 percent of Americans have less than $1,000 in savings.
• About 50 percent of American families have zero savings in retirement accounts.
• There are rough savings targets by age: by age 35, have twice your annual salary saved; by 45, have four times your annual salary saved; by 55, six times your annual salary; and by 65, eight times your annual salary.
Saving and investing are complicated and stressful for some, yet it is something that requires attention. If you have been asking yourself questions like those below, know that you are not alone.
Do you wonder:
• Am I OK financially?
• Can I live the life I want?
• Can I support my aging parents while launching my children?
At the end of the day, you must start with – and stick to – a plan. Having peace of mind and clarity in your financial life is priceless. If you have any questions or concerns, I am always happy to chat.
JASON E. SIPERSTEIN, CFA, CFP, is vice president, wealth management at Eliot Rose Wealth Management. Contact him by email, email@example.com.