Based in Boca Raton, Florida, financial advisor Barry M. Kornfeld serves as the principal of First Financial Tax Group, which offers a wide array of growth, income, and tax services and strategies. In his work, Barry M. Kornfeld helps individuals assess their retirement income needs and find the right solutions to achieve those goals.
Recent surveys indicate that Americans are inadequately prepared for retirement, both in research and actual savings. A recent poll conducted by the Transamerica Center for Retirement Studies shows that only 10 percent of Americans have taken the time to estimate the income they will need for retirement.
Additionally, that survey shows that most people expect Social Security to be their only means of income in retirement years. Most Americans also plan to work past retirement age in order to save extra retirement funds, but don’t really have an established plan for how much they will save or how to go about it.
Another survey conducted by GoBankingRates shows that one in three Americans have absolutely no money set aside for retirement at all, and an additional 23 percent report having only $10,000 set aside.
What all this data suggests is that Americans as a whole are woefully underprepared for their financial needs in retirement. This only serves to increase the importance of seeking advice from an experienced, capable retirement planning professional.