David Lerner Associates: A Financial Plan that Works

David Lerner Associates: A Financial Plan that Works

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A financial plan that works is important at any age, but it is essential for those approaching retirement age. While some costs may reduce as we grow older, others tend to increase.  Medical bills, for one, can become a real concern.

Although the economy has been improving, the past few years have made it clear that we need to be financially prepared as we grow older, or we may find ourselves in a grim situation. Officially, you may be entitled to quit working in your 60’s, and the ideal age for retiring is considered to be 60–65.

Statistics show that over half of Americans over the age of 55 have no retirement savings at all, so it’s no surprise that working into their 70s is the ‘new normal’ for baby boomers in the U.S. [1].

Here are four ways to avoid the pitfalls of having no retirement to speak of:

1. Get a financial plan in place

Work out a retirement expense and income plan. Figure out a realistic budget of what is needed. Set that as your goal. If there are current expenses that are not necessary, cut as much as possible.  Keep an eye on the prize. Set the plan in motion and stick to it. Without a plan, it’s unlikely you will have a comfortable retirement.   

2. Speak to an advisor

Get as much advice as possible. Take the time to research the investment and retirement plans available. Find people you feel care about your personal goals, investments, and well-being.

3. Pay yourself first

Make your savings for retirement a priority, and ensure that the money you put away is in an investment you are knowledgeable and comfortable with. Talk to your advisor about your risks and security of investments. Gambling on a risky investment can derail your future.

4. Investigate alternative sources of income

If you are approaching retirement and have no savings to speak of, start looking for other ways to make money.  There are all kinds of opportunities for older people to earn income today. Check out any opportunity offered very carefully, and do your due diligence.

A sound financial plan can help ensure that your golden years are indeed golden and not spent in a state of financial stress.


Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law.

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances.

Member FINRA & SIPC.



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Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Teaneck and Princeton, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 516-921-4200 Visit our website: www.davidlerner.com

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Jake Mendlinger
Account Manager
516.829.8374 X 232

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