The National Association of Personal Financial Advisors (NAPFA) recently released the results of a poll conducted among its members listing the best advice for people 5, 10 and 20 years away from retirement. Though not one of the members asked, the findings were similar themes I stress with clients, such as maximizing retirement savings, minimizing taxes when possible and planning for a longer time horizon than you’d expect.
Being a survey of financial advisors and planners, the overall emphasis is on having a plan, and with good cause. Consider this piece of data provided: “People with a plan are 50% more likely to say they are saving enough for retirement.”
From the NAPFA Press Release:
Chicago, IL – To adequately prepare for retirement, Americans need to minimize taxes, save for emergencies and be prepared to live longer than their parents, according to NAPFA-Registered Financial Advisors who ranked a comprehensive list of tried and true advice for people who are five, 10 and 20 years away from retirement.
According to the Federal Reserve’s 2014 survey on the Economic Well-Being of American Households, 39 percent of Americans indicated that they have given little or no thought to financial planning for retirement. Furthermore, 31 percent of non-retirement respondents have no retirement savings or pensions whatsoever.
To see highlights of the recommendations made by NAPFA Registered Advisors, click here.