David Lerner Associates: Being Money Smart in Retirement

David Lerner Associates: Being Money Smart in Retirement

Core Facts

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A new study authored by Department of Personal Financial Planning in Texas has found that Americans in their retirement years gradually lose the ability to manage their money.

According to the study, the ability to answer basic financial literacy questions wanes as age increases. However, the ability to confidently make financial decisions does not falter.

This is quite important, given that Americans aged 50 years and up command an annual income which accounts for 42% of all after-tax income in the U.S. 

A lack of financial literacy opens the door to abuse from those looking to target the elderly.  Older consumers whose financial literacy skills have declined may be particularly vulnerable to the sale of unsuitable investments. 

This is one of the bigger reasons why it is so important to invest time learning about financial literacy -- to help protect yourself from anyone looking to con you. 

If you are educated in a subject, it’s harder be taken advantage of. It is an investment of time and energy that can protect you as time goes on. 

And with fewer employers providing pensions, retirement strategies are more important than ever nowadays. “A day late and a buck short” is not the situation you want to find yourself in when it comes time to pack up and venture off into retirement. 

But the picture is not hopeless. There are many private and public organizations, at local, state, and national levels that offer tools and programs to help people build financial literacy skills that can help them make good decisions and to pursue ongoing financial capability.

It's important to be proactive with financial education. Financial coaches and advisors can help individuals inventory their finances and help determine priorities to cope with difficult situations, such as potential default on a mortgage or financial effects of a divorce. There is help available. 



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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