Why Do I Need That?

Some times people view financial literacy as something they don’t need or think that they already have.  This article is not to debate either of those facts or deceptions.  It is simply meant to get each of us to think about the need for true financial literacy.  Below I have compiled a small list of life issues that require some level of financial literacy.  Remember what you don’t know can really hurt you, so let’s get educated and use that education wisely.  Here is that short list of life events:

Marriage                                 College education

Obtaining a loan                      Purchasing a car

Sickness                                 Retirement

Parenting                                Improving and evaluating your credit

Obtaining insurance                 Purchasing a home

Divorce                                  Death of a loved one


Each of these situations requires financial literacy.  Depending on how financially literate you are will determine the type of decision you make. Get educated; educated people are in position to make educated choices.  Others are simply rolling the dice and hoping something good happens! 

You can also seek the assistance of a professional in these areas as well.

Retirement Thoughts

As you probably know if you were born after 1960 the retirement age to receive for full Social Security benefits was raised to 67. What you may not know is that on average Americans live until age 78. This means on average people live about 11 years after their retirement date. So what, why is this important? It is important so you can develop a retirement plan early.

Eleven years after retirement is equivalent to 4,018 days. Let’s take that number (4,018) and multiply it by 100. This would result in 401,800. Why is this number important? I suggest that this is a good starting point for the target amount you and I will need for retirement. Does $401,800 seem like a lot of money? It would unless you begin to plan for your retirement today. As I said this number is simply a starting point for the amount you and I will actually need. Speak to your financial professional today to begin planning for your retirement.