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Financial Literacy is a Reality Check for Many:

Wise & Healthy Aging

In conjunction with April’s Financial Literacy Month, WISE & Healthy Aging, in partnership with a Financial Planning Association of Los Angeles, has already hosted two seminars the free Financial Literacy Series: Coping with Financial Crisis workshop to help Seniors capitalize on their financial future. Although two have already occurred, there are two more events coming up in May worth atten ding.

Despite the grave impact the recent economic downturn has had, one positive emergence is the emphasis on organizing your finances and having a financial plan. Whether you are thinking about a life transition, retirement or already in retirement, this financial literacy series can help you to take control of your finances, build a financial plan, prepare for uncertain times and learn how to cope with the stress of finances.

The free series is led by Certified Financial Planners as well as other financial professionals and experts in the aging field. Note: Financial products will NOT be recommended.

Tuesday, May 4 – Expanding Identity Beyond Your Bank Balance

Wednesday, May 19 – Resources for Coping with Financial Stress

All seminars are free and will be held from 5:30 – 7:00 p.m. in the Ken Edwards Center located at 1527 4th Street, Third Floor, Santa Monica. For more information and reservations, please call 310.394.9871, ext. 435.

A few interesting considerations when planning for your financial security (per a MetLife Mature Market Institute study published in 2008):

Experts recommend you will need 80 – 90 percent of pre-retirement income in retirement; 54 percent of older adults plan for only around 40 – 50 percent and some just 20 – 30 percent.

Experts recommend drawing down no more than 4 percent annually from your retirement savings; 69 percent of adults believe they can draw down 7 to 15 percent from their savings annually, without impacting the principal.

Average annual nursing home cost is around $78,000; 70 percent of older adults underestimate this cost to be around $54,000 or less annually.

The Financial Literacy Series through WISE & Healthy Aging will address these issues and others to help you guide your financial security. Not only does taking control of your finances have an impact on your economic security, but it also benefits all aspects of your life.

If you missed the Tuesday, April 13 “Taking Control (A Financial Planning Starter Kit)” or the Tuesday, April 20 “Financial Fire Drill (Planning for Uncertain Times)” events, and you want information, please feel free to contact WISE & healthy Aging.

For more information, please call 310.394.9871, ext. 435.

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