For many Americans, finding a path to financial security seems more elusive than ever, as they now bear more responsibility for funding their own retirement. Increases in longevity mean that those savings must last longer, while they also need to prepare for medical expenses. Widening income equality has compounded these challenges for people of color, women, independent workers, and other segments of the general population. The COVID-19 pandemic has only exacerbated these challenges while adding new ones. All this makes it a smart time for Americans to rethink their plans for achieving financial security.
Prudential’s roadmap to financial security breaks financial wellness down into five separate stages, starting with a strong financial foundation and progressing through a hierarchy of needs and objectives individuals must address as they move through their lives toward retirement.
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