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LIFE'S ESSENTIAL NEEDS (LENs)

#7 FINANCIAL

We need to be secure with certainty and assurance we’ll always have adequate and reliable resources necessary for ourselves, our loved ones and our desired legacy.

We need to be secure with certainty and assurance we’ll always have adequate and reliable resources necessary for ourselves, our loved ones and our desired legacy. Our financial needs have grown in importance as the landscape of the U.S. retirement system has shifted dramatically over the past 40 years.

Most retirees rely on the system’s three main pillars: Social Security, retirement saving plans or pensions and individual savings. But the decline of pensions (defined benefits) and the rise of 401 (k)s (defined contributions) have dramatically increased the risks, burdens and responsibilities for individuals in planning and managing their retirement-age years.

Without reform, Social Security remains on an unsustainable path and contributes to uncertainty. Meanwhile, an estimated 80 percent of Americans approaching retirement have anxiety that their savings may not be adequate to sustain them for the rest of their lives. Older Americans continue to worry about the risk of outliving their retirement income.