Why Plenteous Financial Forum?
We’re in uncertain times in an increasingly complex world. Too many have less support than needed – on a path to a retirement quite different from recent generations. Because planning and the right support have never been more critical, be intentional and start now for a plenteous life.
A shift in retirement saving responsibilities, increased longevity and complex laws and regulations have contributed to the savings crisis we are experiencing today. For the most part, pensions are a thing of the past. Companies no longer want to stomach the risk of paying for their employees’ retirements. So, that responsibility shifted to the employees in the form of 401(k) and other retirement plans. Now, employees must make the right investing and saving decisions, while staying abreast of changes in the law. On top of this, living a full decade longer since the 1960s, people must plan for longer retirements. Furthermore, this is exacerbated for women who, on average, earn less, invest less and save less, while living longer than men.
The stats tell the story. We see the effects play out in our communities, with our coworkers, with our friends and at home. In fact,
- About 30% of seniors 55 and older don’t have a retirement account or a pension.
- Even seniors age 55 to 64 with retirement savings, only have average savings of $104,000.
- Seniors age 62 to 69 only have average assets of around $39,000.
Often difficulty getting through today can make it hard to think ahead to saving for retirement. Consider this:
- Four in 10 adults would either borrow, sell something, or not be able pay if faced with a $400 emergency expense.
- The average middle-class family has only three weeks of reserves.
- One in five adults cannot cover their current month’s bills, and one in four skipped a medical treatment in the past year due to an inability to pay.
The recent period of historic job losses, bloated national debt and general financial insecurity was a wake-up call for Americans to get a better grasp on their personal financial situations. It reminded us that while we cannot predict the future, having a plan – and contingency plans – is the best way to manage a crisis and find ways to flourish within it. In good and troublesome times, planning is our best chance at having a successful future. Plenteous Financial Forum is a platform to bring people together for greater financial wellness.
– Paula McMillan, CFP®, CPA, PFS, CGMA, Plenteous Financial Forum, Chairman and Founder
PLENTEOUS LIFE DEFINED
Your plenteous life is your unique vision of a fulfilled life. From “ample” to “abundant”, plenteous has a different meaning for each of us. This is why it is a perfect word to use when discussing financial life planning and talking about us. After all, your definition of a plenteous life is based on your individual goals and dreams. For example, it could mean owning a five bedroom home on a lake with a huge travel budget. Or, it might mean being able to cover the rent, save for college and pay outstanding medical bills every month. So, it’s unique.
However, at its core, plenteous means “enough”. So, when envisioning your plenteous life, begin with knowing what is “enough” for you. After all, whether you plan or not, you can’t escape the looming question: Will I Have Enough? Specifically, will you have enough to support your desired lifestyle? In addition to your working years, you must consider thirty years of retirement or more with no paycheck? For example, how much will inflation eat into your nest egg? Then, what about future taxes and potential increases? Furthermore, how will your investments fare against ups and downs in the market?
“Find a group of people who challenge and inspire you; spend a lot of time with them, and it will change your life.” – Amy Poehler
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