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Are You One Of The 62% Of Americans Making This Financial Mistake?

Are You One Of The 62% Of Americans Making This Financial Mistake?

| January 26, 2021
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COVID-19 has magnified all our fears and doubts. Our health, our family, and our finances have been tested by the pandemic. Americans’ fears about their financial stability have grown worse. 50% of Americans worry about not being able to maintain their lifestyle. 64% are worried about not having enough money for retirement, and 84% of Americans have major financial stress which clouds their ability to make sound financial decisions. 

Another statistic may explain the cause of all this stress: 62% of America doesn’t have a financial advisor or support of any kind. In such a volatile and changing world, having someone on your side to guide you is so important and can make an overwhelming problem seem less dire.

Rising Above The Statistics

The good news is that you can change how you feel about your finances and how you enjoy your lifestyle without winning the lottery. Studies show that people who work with an advisor are more likely to feel less stressed, more confident in their savings, more knowledgeable about their retirement opportunities, and more conscious of their spending habits. While 27% of survey respondents admitted that having a financial plan reduced their stress, only 5% have actually been in contact with a financial professional!

But perhaps one of the best things about working with an advisor is that there’s never a bad time to start. Just as it’s never too early to start saving for retirement, it’s never too late to strategize for your future and make financial changes. 

When An Advisor Can Help

Even if you feel confident in your finances and future retirement, you may not realize you’re making common mistakes or missing out on investment opportunities that could significantly increase your savings.

If you’ve experienced one of the following events in the last year, an advisor can help:

  • You had a baby
  • You changed jobs
  • You lost a job
  • Your salary changed
  • You started a business
  • You bought a house
  • You got married
  • You got divorced
  • Your kid graduated high school
  • You or a loved one experienced a severe disability or illness
  • Your spouse passed

Additionally, an advisor can help if you’ve faced one of these questions in the last year:

  • Is my spending in line with my income?
  • Can I afford a second home?
  • Should I save for retirement or my child’s college tuition?
  • How much do I need to retire?
  • Is life insurance appropriate for my situation?
  • How much should I contribute to my 401(k)?
  • How should I invest my savings?
  • Am I saving enough?
  • When can I retire?
  • What will my Social Security benefits look like?
  • Is Medicare enough coverage for my needs?
  • How can I help my kids make smart financial decisions?
  • How do I gracefully exit my business?

Finding The Advisor For You

So why do a majority of people go it alone on their financial journey? For many, it can be intimidating to share personal financial details with a stranger—especially if you feel you waited too long to seek financial help. 

We at T.A. Holland are here to help you get back on your feet, even if you’re feeling drained and full of worry. We’re also here if you need a second look at your existing plan. Everyone needs a little help and guidance, a road map to their destination—fulfillment of goals—and we want to make it as easy and pain-free as possible. Reach out to us at info@taholland.com or 617-523-5656 to schedule a complimentary appointment so we can get to know each other and see how we can help you. 

About T.A. Holland & Co.

T.A. Holland & Co. was founded in Boston, Massachusetts, in 1920 and serves individuals and businesses throughout the country with their financial needs. We provide cutting-edge financial services with a broad array of solutions to help our clients grow and preserve their wealth. We have seen good and bad economic times. Throughout it all, T.A. Holland & Co. has thrived by always making the customer our number-one priority. We get to know you and understand your needs so we can provide you with the proper guidance and strategies. Our senior vice president, John Hellmuth, has been at the helm of T.A. Holland’s financial services since 1990, but he doesn’t do this job alone. He is joined by his two children, Lindsay Hellmuth and Thomas Hellmuth. As CERTIFIED FINANCIAL PLANNER® (CFP®) practitioners, our financial services team has the knowledge and experience to help you solve your most pressing financial challenges. To learn more about how we can help you, visit our website and reach out to us to schedule a complimentary get-acquainted meeting.

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