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Nearly 1 in 5 Workers Nearing Retirement is Financially On Track

How Retire SMART LLC Can Help Get You Prepared

Retirement signifies a pivotal chapter, envisioned as a period for relaxation and enjoyment. Yet, many Americans face challenges in achieving financial stability for retirement. Reports indicate that only 1 in 5 workers nearing retirement feel financially secure (CBS News, 2024). This statistic highlights the importance of thorough financial planning and professional advice, such as that offered by organizations like Retire SMART LLC. Below, we explore factors contributing to this trend, practical strategies to enhance retirement readiness, and how Retire SMART LLC can assist individuals in pursuing their financial goals.

The Retirement Readiness Landscape: A Review of Statistics

Financial challenges persist for pre-retirees, with Prudential Financial’s 2024 survey indicating that just 20% of workers aged 55 and older have saved adequate funds—approximately eight times their annual salary (Yahoo Finance, 2024). The median savings within this group stands at $50,000, significantly lower than the $447,000 benchmark considered necessary for comfortable retirement.

Further, Bankrate’s 2023 survey found over one-third of American workers feel “significantly behind” in retirement savings, with nearly a quarter not contributing to their accounts for a year (Bankrate, 2023). Factors such as rising inflation, healthcare costs, and increased life expectancies exacerbate these savings challenges.

Factors Contributing to Retirement Savings Shortfalls

  1. Savings Habits
    • Starting retirement savings late limits compounding potential. Early saving and investment diversification are foundational steps (Empower, 2025).
  2. Rising Costs
    • Inflation and healthcare expenses are significant concerns, with 78% of Americans worried about inflation’s impact (Empower, 2025).
  3. Social Security Reliance
    • While crucial, Social Security often falls short of covering all retiree expenses. Many rely on personal savings and investments for supplementation (Empower, 2025).
  4. Hardship Withdrawals
    • Early and hardship withdrawals hinder long-term savings growth (Journal of Accountancy, 2025).
  5. Financial Literacy
    • Adequate financial knowledge and planning tools are essential to overcome savings gaps.

Strategies for Enhancing Retirement Readiness

  1. Early Savings
    • Initiating savings early increases investment growth potential through compounding.
  2. Investment Diversification
    • Balancing portfolios with varied assets can address risk and maximize potential returns.
  3. Passive Income Opportunities
    • Income from rentals, dividends, and annuities can supplement retirement funds.
  4. Realistic Budgeting
    • Managing expenses through tools like retirement calculators and budgeting apps aids in creating effective financial plans (Money Coach, 2025).
  5. Professional Guidance
    • Financial advisors offer personalized strategies to support retirement objectives. Retire SMART LLC, for example, provides tailored financial planning services.

How Retire SMART LLC Can Help

Retire SMART LLC specializes in assisting clients in cultivating financial independence and confidence in retirement planning:

  1. Personalized Planning
    • They design customized retirement plans considering individual goals and situations, including income assessments and investment optimization.
  2. Educational Programs
    • Financial literacy initiatives equip clients with crucial knowledge for informed decision-making, covering budgeting, investment strategies, and Social Security.
  3. Continuous Support
    • Ongoing advisory services ensure clients remain aligned with their objectives, with professionals monitoring market trends for strategy adjustments.
  4. Compliance and Transparency
    • Adhering to FINRA standards, Retire SMART LLC maintains ethical practices, prioritizing client well-being in all interactions.

Conclusion

The realization that a significant portion of workers is not financially prepared for retirement calls for proactive planning steps. By engaging in practices such as early saving, investment diversification, and leveraging expert guidance, individuals can enhance their retirement readiness. Retire SMART LLC offers comprehensive support to navigate retirement planning complexities, emphasizing personalized solutions and reliable guidance.

For further information or to explore retirement planning options, contact Retire SMART LLC to start building a secure financial future.

References:

  1. CBS News (2024). Only 1 in 5 workers nearing retirement is financially on track.
  2. Yahoo Finance (2024). Only 20% of workers aged 55+ have adequate retirement savings.
  3. Bankrate (2023). Retirement Savings Survey.
  4. Empower (2025). Retirement Readiness Snapshot.
  5. Journal of Accountancy (2025). Insights on Pre-Retirees.
  6. Money Coach (2025). Retirement Budgeting Guide.

This information is intended for educational purposes only. Always seek confirmation with your legal or compliance representative for adherence to specific regulatory requirements, including the SEC.

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We are an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives.

Advisory services offered through SMART Wealth, an affiliate of Retire SMART. SMART Wealth, LLC is a federally registered investment adviser under the Investment Advisers Act of 1940 and an affiliate of Retire Smart. Registration as an investment adviser does not imply a certain level of skill or training. The communications of an adviser provide you with information about which you determine to hire or retain an adviser. Information about SMART Wealth, LLC can be found by visiting www.adviserinfo.sec.gov and searching by the adviser’s name. This is prepared for informational purposes only. It does not address specific investment objectives. All investments are subject to risk including the potential loss of principal. Individuals should consult with a qualified professional for guidance before making any purchasing decisions.

Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. None of the information contained on this website shall constitute an offer to sell or solicit any offer to buy a security or any insurance product.

Any references to protection benefits or steady and reliable income streams on this website refer only to fixed insurance products. They do not refer, in any way, to securities or investment advisory products. Annuity guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Annuities generally do, but not all are subject to fees, surrender charges, and holding periods. Annuities are not FDIC insured. 

The information and opinions contained in any of the material requested from this website are provided by third parties and have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. They are given for informational purposes only and are not a solicitation to buy or sell any of the products mentioned. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. Neither the firm nor its agents or representatives may give tax advice.  Individuals should consult with a qualified professional for guidance before making any purchasing decisions. Retire SMART is not affiliated with the US government or any governmental agency. Any media logos and/or trademarks contained herein are the property of their respective owners and no endorsement by those owners of Retire SMART is stated or implied. Appearances on the media outlets included herein are paid placements.

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