The last few weeks of every year are always filled with the hustle and bustle of the holidays and the preparations for the end of another year. It is an opportunity to look back and reflect, but more importantly, it is a time to look forward to the new year.

I like to use this time to do my goal setting for the coming year. There is a saying floating around that goes like this, “it’s never too late to set another big goal”. Whether you are 20 years old or you are 80 years old, life is meant to be lived to its fullest. I use the S.M.A.R.T. goal setting concept. S=Specific, M=Measurable, A=Achievable/Attainable, R=Realistic, and T=Time-bound.

Where do I want to be this time next year in my personal and professional life? Where do I want to be in 5 years, 10 years, etc. One thing I always do at this time of the year is review my financial plan with my financial advisor. Am I on track to meet my retirement goals? What do I want my retirement to look like? Honestly, I can’t see myself not working in some capacity until I’m physically not able to any more.

When I attended a Silicon Valley Boomer Venture Summit at Santa Clara University this summer, I was amazed by a slide from one of the presentations, “Flex Retirement is the New Ideal”. It basically said that 71% of retirees will continue working in some form. Only 29% of retirees will never work for pay again. Why is that? I think there are lots of reasons, and we each have our own story. I did some “internet” research and found some interesting numbers on retirement.

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Did you know…that the average Social Security retirement benefit for January 2016 is $1,341? (Read source)
Did you know…that the average retired American household spends $40,938 per year according to a Consumer Expenditure Survey conducted by the U.S. Bureau of Labor Statistics?
Did you know…that the average retired American has $91,400 saved in their 401(k) plan according to a study done by Fidelity Investments in 2014. If you annuitize this over an expected retirement of 20 years, you can add about $400 to your monthly income.

One last one, did you know…that the average retired couple will need more than $240,000 to cover future medical costs? This includes the cost of deductibles and co-payments, premiums for optional coverage for doctor visits and out-of-pocket expenses for prescription drugs and other expenses that Medicare doesn’t cover, such as hearing aids and eye glasses.

WOW! I believe there is a shortfall!

If you are planning for Social Security and Medicare to cover you during retirement, please don’t! Amazing Care Network is working with individuals and employers to inform and educate individuals on these average American statistics. An ACN Care Account is one of the many ways to start setting aside monies for your future expenses.

Failing to plan is planning to fail. Start the new year with a commitment to yourself and your future.

From the President’s Desk to your home, may your holiday season be blessed with joy, planning and an amazing new year!

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