By bobby L. Hickman
DON’T WAIT TO START FINANCIAL PLANNING
Early adoption of investment knowledge and a defined purpose are key to successful long-term plans
M
ost people understand that it is never too early to start planning for retirement, yet only 30 percent of Americans have created a comprehensive financial plan. The longer one waits, the longer it takes to catch up – emphasizing the need for young people to start preparing sooner rather than later. 10 / ADVISORS MAGAZINE
NOV 2020
“Older adults are more likely to have retirement savings and to view their savings as on track than younger adults,” the most recent “Report on the Economic Well-Being of U.S. Households” from the Federal Reserve Bank stated. The Fed study found 42 percent of those ages 18-29 had no retirement savings, as did 26 percent of those ages 30-44 and 13 percent between the ages of 45 and 59. Schwab’s latest Modern Wealth
Index also indicated only 34 percent of millennials have a written financial plan. Many people wait too late in life to begin planning their financial future, according to Charles Carrick, CFP®, ChFC, investment advisor’s representative and partner at DMJ Wealth Advisors, LLC. “I think the biggest challenge facing our industry is that younger professionals are not engaging in a
