Financial Safety Nets Important, but Difficult to Achieve

A new American Dream that is less conventional and more personalized is emerging, according to the fifth annual MetLife Study of the American Dream.

Specifically stated within the nationwide survey is a look at attitudes toward financial safety nets.

A financial safety net includes savings to cover living expenses in the event of illness, job loss, or other serious emergency, as well as financial and protection products such as life, home and health insurance, annuities and retirement accounts.

While most Americans recognize the importance of having a financial safety net, achieving one is proving extremely difficult, with only 30% of all Americans saying that they have an adequate safety net in place. Living paycheck to paycheck tops the list of issues preventing Americans from achieving an adequate safety net, with more than half identifying it as the top issue standing in their way. A weak retirement savings plan follows a close second for 50% of Baby Boomers, and younger generations say they are not making enough money to build a financial safety net.

As your family circumstances change, contact trusted Tampa Florida estate planning attorney, Laurie Ohall, to establish the necessary documents for your family’s health and financial protection.