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Much attention has been paid in recent months to the mounting concerns about the saving and spending habits of Americans. Not long ago, the Department of Commerce reported a negative savings rate for American consumers. Studies show that even as more workers contribute significant pre-tax dollars to their 401(k) plans, consumer debt is nearing an all-time high.
It’s evident that too many Americans are neglecting long term financial planning. Like closing the door of a closet that badly needs organizing, the attitude seems to be out of sight, out of mind. Concern is particularly real for members of the baby boom generation.
Already in their mid-50s and just 10 to12 years away from traditional retirement age, many baby boomers are facing the undeniable need to re-evaluate their financial preparedness. Financial planning can help these individuals meet financial goals and get serious about retirement planning through the proper management of their assets.
However, not all financial advisors are created equal. A financial planner who develops a comprehensive and personalized financial plan will take a holistic view of an individual’s financial resources, obligations and goals. The CFP certification, from Certified Financial Planner Board of Standards, is a good sign a financial advisor can meet your needs. This certification is awarded to individuals who meet strict ethical requirements, successfully complete rigorous education coursework, pass a comprehensive examination and demonstrate their dedication to providing sound financial advice through experience.
To be confident that you are receiving financial planning advice, look for your advisor to follow some or all of the following steps in creating a plan that’s right for you:
For America’s baby boomers, it’s time to balance retirement hopes with the reality of saving. With expert financial planning help, members of this generation can immediately maximize the income of their most profitable years and create a productive financial structure that will successfully support their retirement goals.
Bradley D. Holland is the owner of Holland Financial Group and an investment advisory representative of Lincoln Financial Securities Corporation. He can be reached at 800-774-1806.