Responding to troubling reports suggesting that retirement viability is falling for most Americans, Melia Advisory Group is expanding the scope of their educational services, primarily through the introduction of a new radio show and podcast. This course-correction comes in the wake of Economic Policy Research Institute findings which suggest that only around 35% of Americans feel prepared for retirement.
For more information, visit https://meliagroup.com/radio/
The urgent need for educational resources related to retirement is demonstrated clearly by a recent survey conducted by the American College of Financial Services. The survey explored topics of life expectancy, annuities, bonds, fees, and other topics related to retirement savings; the average respondent answered only 42% of questions correctly.
Naturally, macroeconomic factors also play a significant role in the modern retirement landscape. For instance, a 2024 OECD report found that the US currently has an elder poverty rate of 23%, nearly double that of Canada and four times that of France. Likewise, rising healthcare costs have now outpaced Social Security growth, claims the Plan Sponsor Council of America.
While it is difficult to directly correlate access to educational resources with increased retirement savings, there is evidence to suggest that the inverse is true. A survey conducted by 401(k) Specialist highlights a dual problem: not only is financial literacy not accessible for many people, but the quality of the materials that are available is generally considered inadequate. Of their respondents, 60% said they would likely have better financial habits if they had been educated earlier in life, while only ⅓ of those who were educated said they felt that the process had been helpful to them.
The course of action taken by Melia Advisory Group to address these problems is, however, directly supported by findings published directly by the National Endowment for Financial Education. They stated in a 2022 report that education providers should follow the mantra, “the earlier the better”, suggesting that even those aged 50 or older could still benefit from quality retirement education materials, and that those over retirement age can still learn to more proactively budget and distribute their funds.
About Melia Advisory Group
Melia Advisory Group is a financial planning entity headed by Greg Melia. Their Tulsa-based operation specializes in income strategy development and estate planning, prioritizing long-term stability over short-term gains.
More information about Melia Advisory Group can be found at https://www.meliagroup.com/