CHARLOTTE, N.C. — A new report released from the Bureau of Labor Statistics on Thursday shows inflation is slowing down, pointing toward a possible path for the Federal Reserve to lower interest rates in the fall.
In the meantime, a survey from the Nationwide Retirement Institute reveals today's retirees are less secure than their parents or grandparents. It shows about 39% are spending less on entertainment and 34% cutting back on vacations or trips.
While the Federal Reserve says the median retirement savings balance for people 65 to 74 years old is $200,000, Mark Henry, CEO of Alloy Wealth, told WCNC Charlotte anchor and reporter Jane Monreal that having financial freedom in retirement can be achieved with strategic planning rather than fixating on a number.
"When you retire, you now have, for the first time in your life, you have something you don't have right now," Henry said. "What is it? Time. You're going to want to add to your lifestyle, not cut 30% out. It's the craziest thing ever."
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Henry said people often regret not making the most of their retirement.
"They live in fear of running out and then they're in their mid-80s and go, 'We never went to Europe, we never did this,'" he said. "And they go, 'We could have. We can't now, we're too old.' That shouldn't be that way."
He says there's no "right amount" to have in savings to enjoy your golden years. It's also not hard to have a plan.
"People don't realize they can take a 401(k) and IRA and convert that into a pension for themselves," Henry explained.
There are many options out there that will give people a consistent income as long as they live. The key is education and having the right strategy. Henry says that could mean working with a financial advisor who specializes in retirement planning.
"Find someone that you can work with that understands and works specifically in those demographics and make sure they don't talk over your head," Henry said. "Anything you do, before you ever do it, take a pause. And before you make big decisions, consult, take the advice and make sure you understand what you're doing."
Contact Jane Monreal at jmonreal@wcnc.com and follow her on Facebook, X and Instagram.
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