Top Five (5) Financial Concerns of Successful People

You’re in your 30’s or 40’s or 50’s and work very hard. You support a family lifestyle that’s expensive! High taxes, private schools, homes, cars, toys, vacations, all consume a large part of your earnings. On average you save 9% of your income when you should be saving 30%. Statistically, the data is frightening: 87% of 45- year-olds earning $250K today will be forced to cut their retirement standard of living annually by $72,000 or be out of money in the 13th year of retirement.

Source 1: US Census Bureau Data
Source 2: CNBC, Apr 30, 2019 Study

Federal contribution limits to your 401K prevent you from saving enough in tax qualified plans. Socking away $22,500 annually may be adequate for people earning up to $100K, but it’s not enough to reach your retirement goals. You have created a more expensive lifestyle now and therefore, will need to save more tax-deferred dollars in order to live that lifestyle throughout retirement!

Providing a 401K, an annual bonus and health insurance benefits is typical among your peers and does not differentiate you from other employers. Today’s highly mobile and talented workforce knows they can get the same benefits anywhere and are poised to jump ship for little more than a higher bonus. However, to attract and retain top talent you will need a highly compelling package of benefits; one that’s affordable to provide and one that contains multiple key features, critical to every comprehensive financial plan.