Tag Archives: retire
This seems to indicate that americans are having trouble affording their necessities and the result is less saved for retirement. I disagree that the problem is the ability of the average American to cover their necessities. I would suggest that the issue is the desire for non-necessities that is causing a lack of savings.
But financial literacy is more than just knowing the tools and resources needed to be financially successful. Financial literacy includes understanding the “why” behind the financial goal. A writer for Bloomberg Finance recently told Financial Advisor IQ “Once you know why to do it there are resources that will show you how.” Maybe the “why” is more important than the “how.”
For example, accumulating funds that will be tax-free in retirement is a great idea. But the average American is not likely to put much priority on this without knowing why it’s important.