HOUSTON, July 18, 2016 /PRNewswire/ -- According to the U.S. Government, few Americans are prepared for life in retirement.
Approximately one out of two Americans age 55 and older has saved for retirement, according to a report, "RETIREMENT SECURITY: Most Households Approaching Retirement Have Low Savings," prepared by the U.S. Government Accountability Office.
The report further states that, "the median amount of savings is about $104,000 for households age 55-64 and $148,000 for households' aged 65-74, equivalent to an inflation-protected annuity of $310 and $649 per month, respectively."
With people living longer, knowing how much is needed and having adequate savings and investments is crucial to being able to live and retire securely. Today, a 50 year old will live on the average around 30 more years after retirement.
"We have found that executives, professionals and business owners, no matter how savvy and successful, do not adequately know how much they need nor do they have a custom-designed plan to sustain the kind of lifestyle they want," said John Westerman, an advisor with Selah Financial Services, Inc. in Houston."
Generally, they have been sold an investment or other financial product as the 'solution' to their financial future. An investment, insurance product, or an investment account is not a plan."
Selah Financial Services was founded on the belief that the key to having better success financially is to first "pause and consider wisely."
"Most people who come to us for help have been talked at, not listened to. Listening is the foundation to creating a custom, comprehensive, client-centered financial plan," says Westerman.
A comprehensive financial plan should address your income, taxes, investments, Social Security, insurance, retirement options and estate planning in a coordinated fashion, much like a holistic approach to your health.
"The first step is knowing whether you are on track or off track. We designed Your Financial Pulse at www.SelahFS.com," continues Westerman, "as a complimentary online questionnaire to help you get started in determining how you are doing financially."
Your Financial Pulse is a complimentary service provided by Selah Financial Services, Inc. that is designed to help people determine their financial readiness.
"There is no better time than right now to answer the question, 'Is your future secure?'" says Westerman.
More About John Westerman
John Westerman, CFP®, is an author, speaker and wealth advisor. Westerman has been seen in various publications, including Houston Business Journal's "People on the Move"; REP. Magazine as a "Top Next GEN IBD Advisor"*; and a Five Star Wealth Manager** feature in the Wall Street Journal-Wealth Management Journal Report. He has a passion for showing people how to be more prepared for their future in order to help them avoid the big money traps and more fully enjoy their life and retirement.
John finds it ironic that he received his Bachelor of Science in Civil Engineering from Texas A&M University and began his career working on highways and bridges in the greater Houston and Dallas/Fort Worth areas. Now, as a CERTIFIED FINANCIAL PLANNER™ professional, he helps successful executives, professionals and business owners design a financial bridge with a better future in mind."
*As ranked in REP. Magazine. Advisors on this list are ranked exclusively by assets under management. Nominations were solicited from the top 35 independent broker/dealers by headcount
**Five Star Award is based on 10 objective eligibility and evaluation criteria including: minimum of 5 years as an active credentialed financial professional, favorable regulatory and complaint history, fulfillment of firm's internal review, accepts new clients, client retention rates, client assets administered, number of client households, education and professional designations. The award is not indicative of the wealth managers' future performance. For more information please visit www.fivestarprofessional.com.
1550 West Bay Area Blvd., Suite 101 Friendswood, TX 77546
SOURCE Selah Financial Services