Concord Investment Counsel

Would you treat your children this way?

Statistics show if all the people who fall asleep in church on the average Sunday were laid end to end starting at the Pacific Ocean, they’d be a lot more comfortable. Too bad it’s not that simple for Americans to feel so at ease about their retirement.

According to a 2007 study by BAI Research and Mercatus LLC, “mass affluent” Americans are 35-70 years old, make upwards of $92,000 per year, and have $50k to $2 million in assets. The most pressing financial priority for 59% of those surveyed is saving for retirement.

To accomplish this important goal, Americans turn to the prime means to build retirement wealth – employer-sponsored retirement plans. Yet too often when they change jobs or retire, instead of consolidating their retirement funds in an IRA, they leave their investments behind. The BAI/Mercatus study shows that 1/3 of mass affluent households have at least one orphaned 401(k) account with an average balance of $100,000.

Labels: 401(k) Strategy, Retirement Planning

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