Establishing Retirement Savings Standards for Americans

Kreitler, Robert P.
July 2004
Journal of Financial Planning;Jul2004, Vol. 17 Issue 7, p16
Academic Journal
This article presents views on the need for the Financial Planning Association (FPA) to solve the problem of confusion concerning the level of savings needed for a comfortable retirement in the U.S. by establishing and publicizing appropriate retirement savings guidelines. Allegedly, the media regularly report that U.S. citizens save only a fraction of what they should for retirement. One of the major reasons for such savings shortfall is their confusion about exactly what level of savings is needed. Developing and distributing such vital information would be an ideal way to fulfill the mission of the FPA to serve the public. Financial planners should provide its clients with guidance to ensure that they will put away enough so they can retire. Apparently, financial planners weigh a myriad of different factors, develop and then implement a plan, and change people's lives and even their value systems. Without a planner to guide U.S. citizens, most people face a bewildering amount of retirement data and financial choices. The result of such an overload is that most people simply freeze. The disastrous result is that they fall to take the critical steps necessary to prepare for retirement.


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