fbpx

In The News

Turning a world full of information
into applicable knowledge

As Seen On

In The News

New York Weekly Article, Retirement is Still Possible GenWealth Financial Advisors

If you’re paying attention to the economy and the state of financial matters in the United States, you may feel a bit pessimistic. Inflation is at a 40-year high, the stock market is still volatile, and both appear to be remaining that way for the foreseeable future. Such uncertain financial times are leaving many to wonder if saving for a comfortable retirement is even possible anymore. Today’s investors and average people saving for retirement are up against some formidable challenges. 

Retirement is still possible, but people will need strong expert advice to help them navigate the muddy waters of the current market. Thankfully, GenWealth Financial Advisors are meeting this moment through their approach which urges people to not just hope that things work out in regards to their retirement, but how to best plan for it. 

t’s no secret that inflation has battered a lot of bank accounts in the last year. Some prices have been going down lately, like gas, but other prices, like that for food, are still climbing.

If you’re looking to save money, here are some money-saving tips in six areas of your spending life.

U.S. investors hold $10.4 trillion in 401k assets as of the first quarter of 2022, making 401k’s far and away the popular choice of Americans saving for their retirement years.

With all that treasure stashed away in 401k plans, you’d think retirement investors would take the time to know exactly what’s in their retirement plans, so they can make informed investment savings and withdrawal decisions.

Over 39% of Americans want to retire before the age of 63, according to a recent GOBankingRates survey of 997 adults. Retiring early isn’t a recent fad — it’s the main goal behind the FIRE (Financial Independence, Retire Early) movement. Many FIRE followers strive to save about 30 times their annual expenses so they can retire in their 40s or 50s. Then in retirement, they can pull small portions from their savings for regular living expenses.

But what if you don’t plan on retiring early, how can the FIRE movement help you?

According to the 2022 annual report by the Social Security Board of Trustees, the trust fund that holds surplus money for the program is set to be depleted by 2034. While that won’t spell an end to Social Security, as it’s funded by ongoing payroll and self-employment taxes, it does mean that retirees will receive only about 78% of their promised benefits if Congress does nothing to address the shortfall.

According to Bankrate’s annual survey, only 44% of Americans can afford to pay for a $1,000 emergency with their savings — and that’s the good news. The bad news is that savings have been shrinking below historical levels since the height of the pandemic when many of us were deferring expenses and receiving stimulus payments. Add the highest rates of inflation in decades into the mix, and most of us are probably even less prepared for a rainy day than we were before Covid struck.

For a lot of people, retirement can seem like a far-off dream. And it’s a dream that can be realized as long as you’re strategic. That means understanding your options and choosing one that suits your needs.

Pensions and 401(k)s are two solid retirement savings plans that can work well for a lot of people. But they aren’t available to everyone, and they each come with their own pros and cons.

According to Fidelity, in 2022, 8.3 million more Americans are new cardholders with an average of $453 more in debt compared to last year.

Scott Inman, a financial planner with GenWealth Financial Advisors, explained what the credit reliance could come as, “…during the pandemic, we had a lot of checks going out, and people had cash reserves built up… but we’ve settled into a longer pattern now of high prices, and that those cash reserves are running out.”

New York Weekly Article, Retirement is Still Possible GenWealth Financial Advisors

Retirement is still possible, but people will need strong expert advice to help them navigate the muddy waters of the current market. Thankfully, GenWealth Financial Advisors are meeting this moment through their approach which urges people to not just hope that things work out in regards to their retirement, but how to best plan for it. 

There’s no escaping the litany of advice when it comes to developing good 401(k) habits. But what about those bad habits that sneak up on you when you least expect it?

Teresa Arrigo on News Nation 7-27

Rising prices, inflation and consumer spending habits have been changing the lives of local business owners, as inflation reached a 9.1% annual rate in June, the worst mark in nearly 41 years.

Here’s a different kind of “bucket list” for you. It’s not exactly the things you want to do, but it may be related to them. What it does do, however, is make it easier for you to manage your retirement investments.

There are some pretty good reasons for that. The S&P 500 is down 17% year to date, bonds are down more than 10% and prices are 9.1% higher than 12 months ago. Meanwhile, another recession is looming as the Federal Reserve aggressively ramps up interest rates.

Rising Interest Rates

“Small business owners need to be more keenly tuned in for retirement savings because the small business gives them more opportunity to save than simply IRA money,” said John Shrewsbury, Co-Owner and Financial Advisor at GenWealth Financial Advisors in Arkansas. “

There’s no question inflation affects your retirement plans. With year-over-year prices rising more than 9%, you are quite correct in wondering what you can do about it. What can you do to protect your retirement from inflation?

Want to hear from us?

Fill out the form below!




Press Releases

GenWealth School Supply Drive 2022
Featured Press Release

GenWealth Financial Advisors
Announces School Supply Drive

“For over 17 years now, we’ve prioritized education for our clients, our team, and our community. It’s the heart of everything we do,” says John Shrewsbury, Co-Owner at GenWealth. “We know that a solid foundation of education can set students on a path to success, but that can’t happen if they’re lacking necessary materials.”

No one should have to question whether they’ll be hungry for the holidays, so GenWealth will be having a company-wide food drive to help support food banks local to each of our office locations.

GenWealth has announced today the grand re-opening of their flagship office in Bryant, AR.

GenWealth has been named in Arkansas Business’ Best Places to Work 2021 list, and we’re honored! We’re sharing our “secret sauce” and all our gratitude…