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Everyone at Every Income Level Should Save for Retirement

February 13, 2020
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by Ronald Stevenson and Barbara Clark Stevenson
More people are saving more money for retirement than they have in the past few decades, according to a recent report from the U.S. Government Accountability Office. 
Now for the not so great news. The report, titled Retirement Security: Income and Wealth Disparities Continue through Old Age, found there’s still a lot of ground to cover to get retirement savings where they may need to be.
It said in 1989, about 4% of low-income households and up to 65% of high-income households had set aside money in a retirement account. Those percentages increased to 11% and 86% of households in 2016. 
The report largely credits that to more employers offering defined contribution plans, such as 401(k)s and 403(b)s. Another process that gets credit is more employers automatically enrolling employees in their defined contribution plans. 
While this is encouraging, the number of low-income households saving for retirement has not returned to the 16% level seen just before the 2007-2009 recession. 
The defined contribution plan reigns supreme in terms of use. According to The Vanguard Group’s How America Saves 2019: The Retirement Savings Behavior of 5 Million Participants, more than 100 million Americans are covered by defined contribution plan accounts. 
Even so, the GAO report says a significant number of those eligible fail to participate and may be missing out on another valuable opportunity: employer matching contributions. 
If you haven’t opened a retirement savings account, there’s still time. If you have access to a defined contribution plan you aren’t using, it’s better to put something away than nothing. And that’s only one option of many that can help you prepare for retirement. 
Contact American Financial Investments, LLC today to get started on a strategy that can help take you to retirement and beyond.
About the Authors: Ronald F. Stevenson & Barbara Clark Stevenson own American Financial Security, LLC. They specialize in retirement income planning, Social Security

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Prescott Living Magazine

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Prescott Living Magazine
LIVE MUSIC — There's a bluegrass concert happening tonight at the Prescott Rodeo Grounds. The Folk Sessions is presenting AJ Lee & Blue Summit at 7:00 p.m. (Sunday, March 19). Tickets are available online.www.eventbrite.com/e/aj-lee-blue-summit-live-in-concert-tickets-481827056697For more local events pick up a free copy of Prescott NOW magazine in Rox Media magazine racks throughout the area. Events are also listed in the online calendar at www.prescott-now.com/events. ... See MoreSee Less

AJ Lee & Blue Summit! Live in Concert!

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AJ Lee + Blue Summit are pure, beautiful American music. The band are torch bearers of the music that helped build America. - Eric Oblander
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OUT & ABOUT — Did you enjoy some live music and drinks on St. Patrick's Day? Thank you to Fernando Mendigutia for sharing these photos taken at The PUB Prescott. Send your St. Patrick's Day photos by email to photos@roxco.com. We'll share them here on our Facebook page and they'll be considered for publication in our next issue. Thank you! ... See MoreSee Less

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