• SOURCE: The NewsMarket

Struggling To Save

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431184

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ANCHOR LEAD: A new report found that Baby Boomer’s confidence in having sufficient savings to last throughout retirement continues to drop to new lows. Brian Osuch has the details. (:60) SCRIPT: Financial Fitness, I’m Brian Osuch. Many Americans nearing retirement are struggling to save, that’s according to the Insured Retirement Institute or IRI’s Boomer’s Expectations for Retirement study. Cathy Weatherford is president and CEO of the IRI and says there are a few ways to improve retirement readiness. CUT: (Weatherford) First and foremost is setting a savings goal. Secondly, is making a written plan, third is working with a financial professional and if you’re in a 401k and you’re over age 50, you have the opportunity to do additional savings through the catch up provision in your 401k. SCRIPT: Weatherford says be open to making adjustments to your plan when necessary… CUT: (Weatherford) Do an annual financial wellness checkup and address any life changes, whether it’s death, divorce or illness. SCRIPT: And if there’s a lesson to be learned… CUT: (Weatherford) Baby Boomers wish that they had taken the long view and started retirement savings earlier. SCRIPT: For more information, go to RetireOnYourTerms.org. That’s Financial Fitness from the IRI.
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