Our Future Financial Security
In this first column, I want to discuss one of the most important issues in our lives: our future financial security.
As you read this, ask yourself:
How confident am I about the prospects for my long-term financial future?
Have you done everything necessary this month to stay on track toward your long-term financial goals?
If you can honestly answer yes, you are among a small minority. According to studies, by age 65, the vast majority of Americans are either deceased or dead broke. To underscore this, nearly two out of every three Americans over age 65 rely on Social Security as their primary source of income. The average monthly check? Just $1,976, according to the Social Security Administration.
It’s not your imagination—financial security is harder to maintain today than it was in the past. Even worse, many people live in denial about their financial future. They either assume things will somehow work out or postpone dealing with it—thinking they’ll get everything under control in a few more years.
Key Questions for Your Financial Reality Check
Do you believe the federal government will support you in a lifestyle you consider appropriate when you retire?
If not, who will be responsible for making that happen?
Do you know how large of an estate you’ll need—after factoring in the full impact of inflation over the course of your retirement—to meet your goals?
Do you know how much you need to save each month to reach that target? Have you already saved that amount this month?
These are tough questions. But they’re necessary—because if you’re not doing what’s required to retire someday, or worse, if you’re avoiding the truth, you may be placing your future at serious risk.
The Real Reason So Many Fall Behind
I believe it stems from a lack of financial education. In this country, most people receive no formal training in personal financial management—not in high school and often not even in college. One of my former associates was the director of one of only two MBA programs in the country focused on financial planning. Astonishingly, nearly 40% of the incoming graduate students in his program didn’t know how to balance a checkbook—despite being committed enough to pursue a master’s degree in personal financial planning. (And in today’s world, that concept translates to not understanding how to manage a digital budget or credit flow.)
Why Financial Illiteracy Persists
People who don’t understand money management are easy prey for misinformation or even fraud. And rather than seek help, many become skeptical of anyone offering it—leading them to do nothing. In personal finance, doing nothing is a near guarantee of falling short in retirement.
The Science Behind Personal Financial Success
If the problem is lack of education, the solution is obvious: education.
Take Control—Starting Now
That’s the purpose of this column. Each week, we’ll explore the essential rules that can help you reach your financial goals. My goal is to empower you to take control of your future—and gain the peace of mind that comes with knowing you’re on the right path.
💬 Call-to-Action
👉 Financial confidence comes from clarity and action.
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