NEWPORT BEACH, Calif. - September 18, 2017 - (Newswire.com)
There is one thing that we all have in common: we are all going to retire one day. However, according to the St. Louis Federal Reserve, the recently reported personal savings rate for Americans is only 5.4 percent, half of what it was 50 years ago. In fact, when it comes to savings, the U.S. ranks in the bottom half of all western societies.
Franklin Wolfson, founder and CEO of Revenue Enhancement Worldwide, has shared his take on what he believes to be huge factors in the increase of retirement age and the decline of retirement saving funds: a misconstrued idea of what is needed for retirement, a relatively stagnant wage growth, and the gig economy.
According to Fidelity Investments, the nation’s largest retirement-plan provider, to be financially prepared to retire by the age of 67, the average American should have ten times their final salary in savings. Although most people won’t be able to save ten times their final year’s salary, there are a few timeline guides you can access to help get you on the right track. Franklin Wolfson strongly recommends following Fidelity Investments’ recommendation that suggests an individual starts saving young, so that, by the time they’re in their 30’s, they have the equivalent of their salary saved. By 40, an individual should aim to have three times their salary saved, six times their salary by 50, eight times by 60, and ten times their salary by age 67.
Wolfson expressed concern about the wage growth and its correlation to retirement, “In the last ten years or so, medical costs have risen at a faster rate than the Consumer Price Index and college tuition costs have increased at an even faster rate.” Statistics prove that a college degree is nearly mandatory for acquiring a well-paying job, promotional opportunities, and access to medical care. All of which is essential to enjoying a healthier and longer life.
Over six million Americans reported working part-time, but not by choice. Many economists predict this number to rise exponentially over the next decade as the “gig economy” grows. Full-time work and its benefits are being replaced by benefit-less part-time.
Wolfson asserts, “There is still hope for those who haven’t started preparing for retirement. If you don’t know what to do, there are plenty of professionals to help, such as your CPA, attorney, or union. Whatever you do, do not put this off any longer. Your future depends on it.”
About Franklin Wolfson
As a lifelong entrepreneur, Franklin Wolfson has brought a unique and creative approach to each company he has worked with.
After earning his MBA in Marketing and Finance from NYU’s Graduate School of Business Administration, Wolfson was selected as the first candidate for a grooming program that put him on track for a divisional president position at Kaiser-Roth Corporation, the largest apparel conglomerate in the U.S. at that time.
Five years and numerous promotions later, Wolfson set out for California. Shortly after his arrival, he became president of Kostar Inc., which he helped become the fastest-growing shirt company in America. His innovative marketing and management concepts led to making Kostar the earliest apparel company to introduce computerized systems throughout each department.
Selling his interest in the company to one of his partners, Franklin embarked on a new journey as president of Buckaroo International (Bugle Boy). There, he implemented new marketing and management strategies that helped pull a company deeply mired in red ink into one of the largest and most successful apparel companies in the U.S., as well as laying the foundation for Bugle Boy to grow to more than one billion in annual sales.
Wolfson retired from the apparel industry, creating Play To Win!, a company dedicated to helping children avoid the dangers of drug use, which also led to the creation of an anti-drug program and a movie spin-off.
Around 2005, Franklin had an “epiphany” to create a solution to the problems of a variety of businesses and nonprofits. His business model was based upon a self-evident truth that every organization needs a reliable and growing source of revenue. From this came the foundation for Revenue Enhancement Worldwide (REW).
Wolfson’s leadership style focuses on helping others succeed and giving back. His business principles center around these essential values. His commitment to charity work and giving back to his community inspired Franklin to pursue REW.
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Original Source: Franklin Wolfson, CEO of Revenue Enhancement WorldWide Grants Insights on Retirement Trends
