| May 10, 2012

Are you far enough along in your retirement savings?

After making a mortgage payment, chipping away at credit card debt and meeting day-to-day financial obligations, many consumers are too financially drained to make adequate contributions to their retirement accounts. This is especially true in younger generations that may have limited resources and often put off retirement planning.

New data from global trade association LIMRA reveals that 49 percent of Americans are not contributing to a retirement plan. Fifty-six percent of those who are not putting money into retirement are between the ages of 18 and 34.

“The findings from this survey were disturbing, given that people will increasingly need to rely on their personal savings to make ends meet in retirement,” said Matthew Drinkwater, associate managing director of LIMRA Retirement Research. “It was especially troubling to see that a larger portion of younger Americans – who are less likely to have a defined benefit plan – are not saving for retirement in IRAs or defined contribution plans. In order to have the adequate savings necessary to meet their financial needs in retirement, which could last 20 or more years, it is critical that these individuals begin saving systematically early in their working years.”

According to the results, nearly half of all consumers said they did not have enough income to contribute to a retirement plan. In addition, only a quarter of all Americans, and less than a third of those over 50, reported working with a financial professional, such as a credit counselor or advisor, to get their finances on track and plan ahead for retirement.

Building a nest egg is an overlooked priority that many Americans push to the side until they are close to their golden years. However, failing to stockpile adequate savings, investments and other sources of income can result in retirees draining their accounts too early and being forced to rely on credit or loans during their retirement. This can be particularly stressful and make it difficult for adults to enjoy their golden years.

The good news is that it’s never too late to start planning for retirement. Trimming costs significantly to contribute more to savings can help consumers build a cushion. In addition, workers should either be contributing to an employer-sponsored retirement plan or open an individual retirement account with their bank if their employer does not offer a plan. Lastly, carrying debt can be toxic to consumers during retirement, so it’s crucial to work with a credit counselor to employ the best strategies to eliminate their balances.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

All Consolidated Credit counselors are certified personal financial counselors (CFC) We've helped 5 million people get out of debt! Call us today and see what we can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

The National Industry Standards for Homeownership Education and Counseling are a set of guidelines for quality homeownership and counseling services. Industry professionals who adopt these standards can be trusted to provide consistent, high quality advice.
Click here to learn more.

Consolidated Credit Consulting Services, Inc. has been verified as the owner or operator of the Web site located at www.consolidatedcredit.org. Official records confirm Consolidated Credit Consulting Services, Inc. as a valid business. Call us today and see what we can do for you.

Consolidated Credit is a Certified ISO 9001 company, as verified through Bureau Veritas Certification.

Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Consolidated Credit is proud to be an ANAB accredited member. Accreditation by a recognized and respected body such as ANAB ensures the impartiality and competence of our company. To see what we can do for you, give us a call.

U.S. Department of Housing and Urban Development - HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. Consolidated Credit is proud to be a member of HUD and also part of the Hope Now Alliance.

You can save!

With this amount of debt, you'd pay around $xx.xx on a DMP.

FREE Debt Consultation
VE Interactive