How will the self-employed strategize for retirement?
Provided by Taylor McClish
As Wall Street
pushes higher, a pandemic-weary Main Street is relearning how to manage cash
flow with the hope of keeping its retirement dreams alive.
Self-employed
Americans, and the people working for them, account for roughly 30 percent of
the nation’s workforce.1
In the best of
times, putting aside money for retirement was a challenge for this group.
Before the pandemic, just 13 percent of people who run a single-person business
set aside money in a workplace retirement plan. By comparison, 72 percent of
people in large companies participate in retirement plans.2
In recent weeks,
the Dow Jones Industrial Average crossed 30,000 for the first time. And this
year, the Standard & Poor’s 500 index has picked up more than 10 percent
through November. But some self-employed Americans are just reading about the
rally, not participating.3,4
There’s no
shortage of retirement plan choices and programs. But the uncertain outlook has
forced many to build larger-than-normal cash reserves to help manage through
any operating restrictions or shutdowns.5
If you’re a
self-employed business owner who’s struggling with managing cash flow while
keeping an eye on your future, reach out to your trusted financial professional.
They may offer some guidance on how to set priorities so both goals can be
within your reach.
Taylor McClish may be reached at (503) 239-3060 or Taylor.McClish@cunamutual.com
Oregonians Financial Planning Website
This material was prepared by MarketingPro, Inc., and does not
necessarily represent the views of the presenting party, nor their affiliates. This
information has been derived from sources believed to be accurate. Please note
- investing involves risk, and past performance is no guarantee of future
results. The publisher is not engaged in rendering legal, accounting or other
professional services. If assistance is needed, the reader is advised to engage
the services of a competent professional. This information should not be
construed as investment, tax or legal advice and may not be relied on for the
purpose of avoiding any Federal tax penalty. This is neither a solicitation nor
recommendation to purchase or sell any investment or insurance product or
service, and should not be relied upon as such. All indices are unmanaged and
are not illustrative of any particular investment. The Dow Jones Industrial
Average is an unmanaged index that is generally considered representative of
large-capitalization companies on the U.S. stock market. The S&P 500
Composite Index is an unmanaged group of securities considered to be
representative of the stock market in general. Index performance is not
indicative of the past performance of a particular investment. Past performance
does not guarantee future results. Individuals cannot invest directly in an
index. Investing involves risks, and investment decisions should be based on
your own goals, time horizon and tolerance for risk. The return and principal
value of investments will fluctuate as market conditions change. When sold,
investments may be worth more or less than their original cost.
«RepresentativeDisclosure»
Citations
1. Pew Research Center, August 29, 2019
2. CNBC.com, September 12, 2019
3. The Wall Street Journal, November 25, 2020
4. Yahoo Finance, November 30, 2020
5. CNBC.com, September 4, 2020
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