Released by CFO Jimmy Patronis’ Office …
Patronis says 42% of Young Non-Retirees Have No Retirement Savings, Start Now for a Secure Financial Future
TALLAHASSEE, Fla.—Following two alarming articles, a New York Times report indicating that Social Security is facing a shortfall and a Wall Street Journal piece revealing that one-quarter of working individuals say they have no retirement savings, Chief Financial Officer (CFO) Jimmy Patronis urges Floridians to begin their retirement planning immediately. The Wall Street Journal article, based on a Federal Reserve survey, also outlined that among younger workers, aged 18 to 29, 42 percent have nothing set aside, and only 26 percent believe they are adequately prepared for retirement.
CFO Jimmy Patronis said, “Retirement is something we should all look forward to, but without a nest egg set aside, it could be a far-off dream. It is alarming that experts say a quarter of working adults have ZERO retirement savings. Each month you delay saving for the future cuts significantly into your total savings when retirement arrives.
“Many retirees regret not saving earlier in life, and not setting aside enough to maintain their quality of life. It’s important to research your retirement saving options today so you can fully enjoy the golden years of life. My office has tools to help to make informed financial decisions to prepare you for every season of life.”
CFO Patronis’ Division of Consumer Services offers several programs to educate consumers about finances and assist them in making wise decisions to prepare for their financial future.
S.T.A.R.T. (Save Today and Retire Tomorrow) — If you are unsure where to start with saving for retirement, visit S.T.A.R.T. to discover retirement methods and resources available to you. S.T.A.R.T. features retirement product overviews, a retirement term glossary, and retirement calculators to help you create your own retirement saving goals.
Finance Your Future — It’s important teens and young adults know how credit cards may impact their savings and retirement later. Finance Your Future provides eight core modules that offer comprehensive lessons on financial topics impacting teens and young adults. Teachers are encouraged to use the program to fulfill the financial literacy requirement outlined in House Bill 7071. Teachers may use the Instructor Portal to assign lessons and track students’ progress.
For more tips on saving and planning for retirement, visit CFO Patronis’ financial literacy programs.
About CFO Jimmy Patronis
Chief Financial Officer and State Fire Marshal Jimmy Patronis is a statewide elected official and a member of Florida’s Cabinet who oversees the Department of Financial Services. CFO Patronis works each day to fight insurance fraud, support Florida’s firefighters, and ensure the state’s finances are stable to support economic growth in the state. Follow the activities of the Department on Facebook (FLDFS) and Twitter (@FLDFS).