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Archive for November, 2009
Question: What do the Main Street retiree and the overpaid Pro Athlete have in common?
Answer: Poor financial planning
AmericanBanker.com reported this week that many National League Football players — who will collectively make $4 billion this season — make poor financial choices.
In fact, statistics show that MORE than 70 PERCENT of professional athletes are financially challenged or bankrupt within three or four years of retirement.
Amazingly, perhaps the Main Street retiree is better off — but only marginally so. Research Institute (ERBI) conducted a retirement survey in conjunction with the American Savings Education Council and Mathew Greenwald & Associates. The report found that 45 percent of all U.S. households have less than $25,000 in assets excluding their home), yet two-thirds of all workers expect to live as comfortably in retirement as they did when they worked. The reality is that the average person would use up that $25,000 in two or three years – even with their Social Security benefits.
What to Do?
Given their celebrity status and affluence, the football players are working on solving the problem. In 2007 the pro football union started a program to help players evaluate financial advisors — helping them find advisors with adequate training, knowledge and prudence.
But what about the Main Street retiree? NewRetirement.com has many tools to help the average investor assess their own retirement plans. The Retirement Action Planner will identify products and strategies to extend your retirement finances and also offers a service to match you to a prescreened Financial Advisor.
But what is the ultimate financial advice for the NFL player and the average retiree? Go long*!
* Plan for living a long time and providing adequate resources for that long life.
