A new report by the Employee Benefit Research Institute says that Americans have a retirement savings shortfall in excess of $4 trillion. Yikes!
The shortfall for late bloomers is greatest for single females ($65,000/household) and least for married households ($19,500).
How did this massive shortfall happen? In simplistic terms it’s from a lack of planning. Setting yourself up for retirement should be done early in one’s careers and reassessed annually, especially when circumstances change (marriage, kids, increased spending).
I suspect that early planning isn’t done due to uncertainty over how much to save and how to invest those dollars. A fee-only planner becomes crucial in assisting individuals and families with setting appropriate goals and adjusting them over time.