Retirement Planning

I am affiliated with SilverSource, a group dedicated to providing a safety net for older residents in Stamford, CT. Through SilverSource’s work, I have come to learn that most of its program participants - ages 74 years and above - have outlived their retirement savings. In addition, the social security benefits that they receive are barely enough to pay rent, leaving very little to buy food and other basic necessities.

Pension payments, once a reliable source of income for older adults, are no longer offered by employers . With rising costs and bloated liabilities on balance sheets, companies have sought to either restrict or restructure pension payments. Furthermore, recent regulations by both democratic and republican controlled legislative bodies have created the need for individuals to manage their own retirement investments.

The question that comes to mind then is “ how do we save enough to be able to spend quality time with our children and our grandchildren in our old age?” This is where goal oriented investing is needed. Unfortunately with each downtown in the market, we become increasingly alarmed and start making short term decisions instead of long-term ones.