Here’s a number that will knock your socks off: $400 trillion.1
By 2050, the retirement savings shortfall in eight of the world’s largest economies is expected to reach $400 trillion, according to estimates from the World Economic Forum (WEF). The shortfall is the difference between the amounts of money retirees may receive from government and/or employer pensions and individual savings. The amount they need to replace 70 percent of their pre-retirement income is also factored in.1
Understanding family attitudes towards money may improve financial decisions and reduce financial stress.
People inherit more from their parents and grandparents than big feet, eye color, self-discipline, a passion for sports, or an artistic bent. Most also assume their families’ ideas and attitudes toward money. Money beliefs are often passed down from generation to generation, along with great grandma’s quilts, ancestral photos, and family culture.1
Researchers call these inherited money mindsets ‘money scripts.’ These are categories of belief associated with problematic financial decisions that create chronic stress.1, 2 The authors of Wired for Wealth explained:3
“There’s no place like home.”1
Conjuring an image of ‘home’ was a lot easier for Dorothy than it is for people who are on the cusp of retirement. After all, isn’t retirement supposed to be a new start? Aren’t retirees supposed to wave goodbye to friends and family as they head for new adventures in warmer climates? Shouldn’t the latter decades of life be spent traveling in golf carts down palm-lined streets and tipping umbrella-studded cocktails?
Congratulations to our very own Lynn Phillips-Gaines, CERTIFIED FINANCIAL PLANNER™, who was recently named on Forbes 2018 Best-In-State Wealth Advisors List. The list spotlights top-performing advisors across the United States who were nominated by their firms- and then researched, interviewed, and ranked in their respective states. Lynn is honored to be recognized in this group of standout advisors.
In 2017, she was also ranked among Forbes Top 200 Women Wealth Advisors.*