If so, the positive financial impact still isn’t apparent to many citizens – approximately 75% of all employees are still worried about job stability and earning enough money to pay for household expenses and other costs.
The Hartford Financial Services Group, which recently made a survey detailing findings about today’s market and its effects on the finances of US citizens, has also found other data – a part of the big and gloomy picture that is the national economy. Seniors were among the demographics surveyed by Hartford, among other groups that struggled to control their meager finances through a number of means.
Ron Gendreau, executive vice president of Hartford Group Benefits, stated that the severe recession’s impact on the lives and jobs of United States citizens had around forty percent of all survey participants taking on additional work or jobs, slashing their budgets, and taking money from retirement and savings accounts that should otherwise be left untouched for the meantime. This glut of short-term financial solutions further compounds many workers’ long-term money problems, although half of all surveyed don’t take advantage of disability insurance (even if they’re eligible due to injury or illness) which can help in both the long and short-term.
There are other options used by participants in the survey to augment their meager funds. Among those surveyed, 3% moved to a smaller home or sold their houses, and 11% had to ask for financial aid from friends or family. Only a fourth of those surveyed feel that their income can adequately address their needs, although these needs are mostly the basic necessities, while 61% saw that a lifestyle change was forthcoming if they wanted to survive without income for a quarter of a year to half a year.
With the economy virtually forcing people to establish retirement accounts and participate in programs such as Social Security, the importance of income protection cannot be emphasized enough. For those nearing or in retirement, the understanding of how benefits work and how tools for protecting a person’s income can be used should be an integral part of a retirement plan. Know more about how pension program or retirement account gives you benefits and how you can protect or augment your payouts by consulting with your financial advisor.
Puritan Financial Group has years of experience in dealing important financial decisions. Puritan Financial Group will listen to you and your loved ones and craft a custom financial solution that supports your life goals.