NFL Players and State Employees – Strange Bedfellows in Retirement

20 percent of all Americans would rather die than run out of money during retirement. But nearly 60 percent of Americans either aren’t saving at all, or aren’t saving enough.

Loveland, CO – June 3, 2015 /MM-LC/ —

The Bleacher Report describes a surprising scenario: “There are not many footprints on the path Chris Borland has chosen to walk. His approach to the NFL, and life after it, represents a way of thinking that is very different from the thinking of most of his football forefathers… Fifty years ago, or even 10 years ago, promising players considered the NFL a destination—not a rest stop on life’s highway. They did all they could to extend their shelf life. They didn’t consider shortening it, as Borland has, retiring after a standout rookie season with the 49ers.”

The Boston Globe reveals that NFL Players and state government employees may soon become strange bedfellows: “The Massachusetts House of Representatives unanimously approved legislation Wednesday that would encourage thousands of state employees to retire early. The measure, which closely mirrors a proposal by Governor Charlie Baker, is expected to save the state about $178 million for the fiscal year that starts in July…”

But for everyone else, retiring early is the not the primary concern. Money Talk News reports that “one in 5 middle-class Americans say they would rather die early than run out of money during retirement.” That was the enlightening – and troubling – news coming from Wells Fargo Bank, whose new retirement survey revealed the startling statistic that one in three middle-class Americans are setting aside nothing for retirement – not one red cent.

The problem, it appears, is that retirement planning – and thus the ability to retire early – is becoming a thing of the past for most Americans.

“Americans are freaking out about their personal savings—and for good reason,” according to CNBC. “A recent Gallup poll found that 59 percent of those surveyed were very or moderately worried they won’t have enough money for retirement—by far their biggest concern… Many people once counted on a triad of support for retirement—Social Security, personal savings, and employer-sponsored pensions. Yet in the wake of the Great Recession and a long stretch of high unemployment and stagnant wages, the once-dependable foundation has been crumbling.”

Alicia Lewis, President of Colorado-based Layman Lewis Financial Group, says: “The number one concern of most clients, and the number one issue addressed, is making sure they don’t run out of money in retirement. Would a client rather be rich, or never be poor, is the overriding inquiry. Clearly income guarantee is so important that it cannot be overstated in the retirement planning process. What retirees start off with is important, but so is everything else.”

This mushrooming phenomenon doesn’t just impact imminent retirees or the already retired. Mark Huffman, long-time consumer news reporter for Consumer Affairs, says this same concern affects people of all ages, even those far from retirement. “There should be no generational finger-pointing when it comes to how well or poorly we manage our money for the future… Financial Finesse is a company running financial wellness programs in the workplace. Each year it studies financial priorities and vulnerabilities of Millennials, Generation X, and Baby Boomers… This year, the survey finds that different circumstances may be causing them pain, but members of all three generations have money problems.”

“Unfortunately, there is no magic formula that retirees and pre-retirees can follow to ensure lifelong income,” adds Joshua Lewis, Investment Advisor Representative at Layman Lewis. “What works for an NFL player or a state government employee, might not work for another. Defining and controlling expenses, sharper tax strategies, different investments – any or all could be the best route, depending on the circumstances at hand. The key is addressing the situation now, before it is too late to do anything about it.”
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Layman Lewis Financial Group is an independent family owned and operated retirement planning company, based in Loveland, CO. With over 50 years of combined experience LLFG services the greater northern Colorado region. Acting as true fiduciaries for their clients they are able to offer a wide range of services and products, designed to meet the ever changing needs of pre-retirees and retirees alike. Alicia Lewis is a licensed insurance agent in the state of Colorado. Joshua Lewis is an investment advisor representative with Investment Advisory Services offered through Global Financial Private Capital, LLC, an SEC Registered Investment Adviser.

For more information about us, please visit http://www.laymanlewis.com

Contact Info:
Name: Joshua Lewis
Email: info@laymanlewis.com
Organization: Layman Lewis Financial Group
Phone: 970-669-1225

Video URL: http://laymanlewis.com/index.php

Source: http://councilofeliteadvisors.com/liftmedia

Release ID: 83498