I was having dinner with a friend last night — a divorced mother of three grown sons. She has a good job working for Larimer County in Colorado. I asked her what she was invested in for her retirement planning.
She only had one answer: her employer’s 401(k). No IRA, no equity or fixed income investments, no annuities.
This didn’t come as a shock, of course. Sadly, the nation’s workers are vastly underprepared for retirement as they harrowingly underestimate their financial needs during that time. According to the National Institute on Retirement Security (NIRS), the U.S. retirement savings deficit is between $6.8 and $14 trillion.