As the April 17 tax deadline looms, sensitizing Americans anew to the state of their finances, a financial services industry consortium has released a report advising Americans on how to save for retirement and offering resources that might help them do so.
The report, released Monday, is timed to coincide with a host of financial awareness efforts, including this week’s Retirement Planning Week and April’s broader Financial Literacy Month and Financial Capability Month.
While the content of the report, called “Saving Early,” espouses principles that should be familiar to financial advisors, its ideas may spark discussions between advisors and clients. The report also contains links to tools advisors or their clients might find of interest.
The Financial Services Roundtable (FSR), which represents 100 of the largest financial services companies, together with the Financial Services Institute (FSI), an advocacy organization for independent advisors, and the Retirement Security Coalition (RSC), a financial literacy project of the FSR, collaborated on the report.
The report’s key message for consumers is “save early,” or as the consumer-oriented report’s opening line puts it: “The one vital component of retirement savings you can control is when you start saving.”
The Financial Services Institute’s CEO Dale Brown (right), in a statement announcing the report, remarked: “You can take out a loan for a car, for education and for a house—but you can’t take out a loan for retirement.”