For Immediate Release:
SAINT PAUL, MN – Studies show that Americans are not saving nearly enough for retirement. If that isn’t enough, during the course of their working years a unique set of challenges has emerged, including changes in employee benefits, longer life spans, uncertainty with Social Security and Medicare, as well as planning for long-term health care. As a result, preparing for and financing one’s retirement is more complex, and more Americans are tackling these decisions themselves.
"Achieving financial security for retirement may seem like a daunting task at times, but it certainly doesn’t have to be,” said Commerce Commissioner Mike Rothman. “Setting aside time regularly to review your finances, prepare for retirement, and avoid pitfalls, is a critical first step."
As part of National Retirement Planning Week, The University of Minnesota Extension, Center for Family Development and the Minnesota Department of Commerce are collaborating on a guide to help Minnesotans start on the path to financial security in retirement. The guide, Financial Security in Retirement--Is It Part of Your Financial Future, provides a wide variety of resources to help build retirement security.
Review your finances, develop a budget and uncover savings
It might seem impossible to save for retirement on a tight budget, but a little diligence and planning can go a long way to starting a nest egg. Commissioner Rothman worked with Nathan Dungan, founder and president of Share, Save, Spend to uncover the steps to take to save for retirement. Listen to this installment of Minutes with Mike to hear more about the benefits of getting started early and how to begin.
Confused By Titles?
It is easy to become overwhelmed by the amount of resources available to help plan for retirement. The Commerce Department has produced this helpful guide to answer your questions about Securities Agents, Financial Planners, and Investment Advisers. You will learn what to ask, what to expect, and what to avoid when you receive investment advice. Visit the Financial Planner FAQs on the Commerce website to get started.
Be a Smart Investor
The Commerce Department’s Securities Section offers tools, tips, and warnings that will help you avoid scams and make informed investment decisions in today's complex financial marketplace. Keep in mind that that if an investment sounds too good to be true – It probably is! Visit the Department’s Investor Education pages to increase your investor IQ.
We are here to help
Investors should contact the Minnesota Department of Commerce Securities Section with questions about an investment product, broker or adviser, prior to making an investment. The Securities Section can be reached by phone at (651) 539-1638. Questions or consumer complaints can also be sent by email to firstname.lastname@example.org or by mail to the Minnesota Department of Commerce, 85, 7th Place East, Suite 500, Saint Paul, MN 55101.