CONTACT US
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
1021223-00006-00
Armando Patino, LUTCF®, FSCP®
Financial Advisor
Prudential Advisors
1 Tower Center Blvd, 16th Floor
East Brunswick, NJ 08816
Phone: 908-368-1588
Cell: 201-290-1941
July/August 2024
Retirement in the Twenty-first Century
Picture retirement in the 1950s. Americans typically retired at 65, drew a pension provided by their employer, and received a monthly check from Social Security. The average life expectancy in the U.S. between 1950 and 1960 was 68 to 69 years, so citizens might not have spent many years as a retiree.
A History Lesson
In the mid-60s, baby boomers — the generation born 1946 through 1964 — began entering the workforce in unprecedented numbers. Within a short time, employer-provided pensions were replaced by defined contribution plans, including 401(k) plans, making employees largely responsible for saving enough money to fund their own retirements. Baby boomers who were diligent about saving amassed significant wealth.The Black Cloud
Fast forward to 2011. The oldest boomers turned 65 and began to retire. Each year, greater numbers of people were collecting Social Security and enrolling in Medicare. With fewer workers contributing to these programs, funds that were paid out are replenished at a slower rate, putting the longevity of these programs in question.On Your Own
Today, people are living longer in retirement than ever before. Some will save enough money to retire early; others may pursue a second career or start a business. But inflation, higher taxes and rising healthcare costs can quickly deplete savings. Creating a retirement strategy allows you to develop the financial resources you need to pursue and maintain the lifestyle you want. It involves not only accumulating assets but also reducing the risk to your wealth that a long retirement might pose.Tailor Investments
Choosing investments for your retirement portfolio that are likely to reduce risk may increase the longevity of your savings. Consider including investments that are designed to provide a lifetime income stream. In addition, adding tax-free assets to your portfolio can reduce your exposure to future tax increases. It’s a smart strategy to keep a portion of your portfolio invested in equities that offer the potential for earning returns that outpace inflation.Create a Team
Your financial professional, along with your tax advisor, can help you build and implement a retirement strategy.1058823-00003-00
Offering investment advisory services and programs through Pruco Securities, LLC (Pruco), under the marketing name Prudential Financial Planning Services (PFPS), pursuant to a separate client agreement. Offering insurance and securities products and services as a registered representative of Pruco, and an agent of issuing insurance companies. 1-800-778-2255. Prudential and its representatives do not give tax or legal advice. Please consult with your own advisors regarding your particular situation. Prudential, the Prudential logo, and the Rock Symbol are service marks of Prudential Financial Inc., and its related entities, registered in many jurisdictions worldwide. Prudential Advisors is a brand name of The Prudential Insurance Company of America and its subsidiaries.
This newsletter is general educational information provided by a Prudential Financial Professional and is not intended to market or sell any specific products and services, but rather provide general information about the subject matter covered only.
Prudential Advisors and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.