Life’s Bridges Provides a Fresh Approach to Establishing a Secure Financial Future
The definition of a bridge is a structure that offers passage across an obstacle. It is a link or means of approach to connecting and coming together. In our book, Life’s Bridges: Building Your Bridge to Financial Wealth (Brown Books Publishing Group, 2011), we offer our financial expertise and business knowledge to connect people seeking financial security for the future.
What Is Your Retirement Scenario?
Most people assume three sources of income will work together to fund retirement: Social Security, pensions and personal savings. Even with these three possible income streams, there are still problems to consider.
First, there is no way to be certain about what the future holds for Social Security. Even if the best-case scenario works out and you receive full Social Security benefits, the average person only receives 40 percent of their preretirement income.
Pensions can also be problematic. Employer-sponsored plans are no longer common, and even if you are one of the few who receives a pension benefit, be aware that the amount you receive is retirement may not be more than 25 percent of your pre-retirement income.
That leaves personal savings. Faced with uncertainty and – at most – the limited payouts of Social Security and pension plans, the average American recognizes the need to find new ways to save some of their current income for retirement.
The good news? The government also realizes the importance of savings for retirement, so they have created several tax incentives to encourage Americans to save for retirement with pretax dollars.