A year ago at this time, a U.S. Federal Reserve study found that the median net worth of the American family fell by almost 40% between 2007 and 2010, wiping out 18 years of economic progress and cutting middle-class wealth back to levels not seen since the early 1990s.
A year later, a new study has found that - despite the continuation of the strongest-bull-market rebound in history - America's finances haven't improved.
The Retirement DerailersSM survey found that a staggering 90% of American investors (aged 50 to 70, and with $100,000 or more in investment assets) have been blitzed by at least one "derailer" - an unexpected event that has put a hefty dent in their retirement savings goals.
And when you drill down into the numbers, the story gets a lot worse.
Respondents, on average, experienced four of these "derailers" - which range from beyond-their-control events like the financial crisis/recession to poor family and lifestyle choices that have lasting consequences.
These derailers set investors back an average of $117,000. But nearly two in five respondents experienced five or more unanticipated events that cost them nearly $150,000.
I have to be honest with you: That last number scares the hell out of me. When you're 50, 60 or 70 years old, a $150,000 hit is one that most folks never recover from.
And I'm not being overly dramatic when I say this; in May 2012, I shared the story of "Big Al" Clifton, the father of a boyhood friend of mine ... and a man I respected very much. Big Al got screwed by an unscrupulous broker, lost a huge chunk of his retirement - and dropped dead not long after.
Fortunately, there's an easy way to avoid Big Al's plight - if not his fate.
"Expecting the unexpected is clearly more important than ever in preparing for retirement," said Suzanna de Baca, vice president of wealth strategies at Ameriprise Financial, which conducted the "derailers" study. "We know the recession had a huge impact on American pre-retirees and retirees, but families are realizing that other unexpected events like supporting a grown child or grandchild can also hit the bottom line - both immediately and long-term. The good news is that these unanticipated events don't always have to be retirement derailers - they can be addressed with a plan in place."
A plan in place... as mundane as that sounds, de Baca's comment is probably shrewdest piece of advice to come from outside our circle of experts in one heck of a long time. And both studies - the one from the Fed and this newest one from Ameriprise - underscores just now important it is for you to take control of your own financial destiny
As the old adage tells us: "If you fail to plan ... you plan to fail."
The timing for updating an existing plan or creating a new one couldn't be better. June marks the end of the year's first half; July 1 is the beginning of the second half of 2013. That makes this a perfect time to assess your finances, your objectives and your plan for achieving those goals.
Indeed, it gives you two weeks to assess your finances and get your new/updated plan in place.
Here are some tips that will help you make that assessment.
A well-defined, nicely muscled - and freshly updated - plan like this will keep you on a winning streak if the market rally continues. And it will blunt your losses should U.S. stocks get untracked in the second six months of the year. Even if you were to get stung by a correction, this plan will keep you on schedule - and you'll watch with relief as other investors who didn't have a plan receive maximum pain.
And your plans won't be "derailed" - which is the most important thing of all.
Of course, if you would like to join the thousands of investors Private Briefing has already helped to make big money in the markets, you can do so for just 26 cents a day.
In just 18 months, Private Briefing recommendations have generated two triples, three doubles and nearly 70 winners. To get access to our best ideas right now click here.
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