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On July 4, we shoot fireworks, attend picnics, watch parades and otherwise celebrate our nation’s independence and the many freedoms we enjoy. But as you go through life, you’ll find out how important it is to work towards another type of freedom — financial freedom. That’s why you need to put strategies in place to help you work towards your own Financial Independence Day.
And there’s no way to “sugar-coat” this task, because it will be challenging. In recent years, a combination of factors — including depressed housing prices, rising health care costs, frozen or eliminated pension plans and the financial market plunge of 2008 and early 2009 — has made it more difficult for many of us to accumulate the resources we’ll need to enjoy the retirement lifestyle we’ve envisioned. In fact, the average American family faces a 37 percent shortfall in the income they will need in retirement, according to a recent report by consulting firm McKinsey & Company.
But now that we’ve gotten the “bad” stuff out of the way, let’s turn to the good news: You can do a great deal to work towards financial freedom during your retirement years. Here are some suggestions that can help:
The 4th of July comes and goes quickly. So put strategies in place now to help you work towards your own Financial Independence Day.
Stephen Gerrald has been a licensed Financial Advisor since May of 2007. Originally from Nacogdoches, Tx, he is happily married to Mandy Gerrald from Savoy and lives in Faught. He is an Accredited Asset Management Specialist (AAMS) and graduate of Stephen F. Austin State University with an emphasis in Finance. Stephen is active in his faith in Christ, a member of the Greater Paris Rotary Club, active in the Lamar County Chamber of Commerce Ambassadors club, a big brother with Big Brothers/Big Sisters, and serves on several non-profit boards in the area including Lamar County Chamber of Commerce, Lamar County Human Resource Council, Lamar County Leadership Board, Big Brothers/Big Sisters, Greater Paris Rotary Club, and Footprints of Charity. He is a graduate of the Lamar County Leadership Class of 2008-2009