Retirement Planning
  A study on retirement planning revealed that the average American will work more than 60,000 hours during his or her working career, but will spend only 10 hours planning for retirement. Considering that the average American worker will live 20 to 25 years after retirement, this seems a most inadequate amount of time to plan for a major portion of your lifetime.

The major area of retirement planning that most people fail to address is the area of establishing an adequate income during their retirement years. Some people assume that their retirement benefits and Social Security benefits will provide for an adequate retirement income. However, with the continuation of inflation after you retire, this may not be true.

For example, let's assume that you plan to retire on $3,000 per month and that inflation continues at 4%. To maintain the same standard of living in 10 years, you would need $4,440, and in 20 years, you would need $6,577. While Social Security benefits are indexed to inflation, most retirement plans are not. You will need supplemental funds to offset inflation or see a decline in your standard of living.

Another area of concern is the escalating cost of health care during retirement. A recent national survey indicated that a person who is age 65, retiring today, could expect to spend over $8,500 annually for health care during their retirement years. These costs are increasing at a far higher rate than general inflation costs. Planning for a financially secure retirement is not as complicated as you might imagine, however, it does take some action on your part.

Over the last several years, OFG Financial Services, Inc. has developed a personalized computer analysis that will help you determine your current status of saving for a financially secure retirement and project what you will need to do in the future to complete your retirement plan. We also have available, without charge, an eight-step retirement planning guide developed by the National Retired Teachers Association, a division of the American Association of Retired Persons.

No matter how old you are, it is critical to start following a retirement savings plan as early as possible. Investment strategies should be based on each investor's personal circumstances. An easy way to begin is by asking an OFG Financial Services, Inc. Registered Representative for a computer analysis on retirement planning. This analysis will give you a comprehensive picture of your financial needs in retirement, and how much you need to set aside every year to accumulate the money you will require. Then see how your retirement program fits within your complete investment plan. With the help of an OFG Financial Services, Inc. Registered Representative you can obtain a plan for a comprehensive view of your total financial picture. An OFG Financial Services, Inc. Registered Representative will help you plan investment strategies to help you reach your goal.
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