Editor's Note: This article is Part 2 of a month-long series on financial illiteracy in America. April marks National Financial Literacy Month, and to help raise Americans' financial awareness, SafeMoney.com is teaming up with the Society for Financial Awareness (SOFA), a leading financial literacy non-profit, to spread the word. You can read here our dynamic interview with Jim Chilton, the CEO and founder of SOFA.
When venturing into the great unknown, you wouldn’t travel without a GPS or a map.
They are a “must-have” for reaching your destination. And for arriving on time, for that matter! How otherwise could you tell if you were going the right direction or if you were lost?
The same principle applies to our retirement. Whether you retire 10 years or 10 months from now, you need a financial plan.
In many ways, a plan is like a financial roadmap. It lays out clear directions for you to take and helps you keep on track.
Yet most people don’t have a roadmap for their future retirement. Just three percent of Americans have a written financial plan, according to Jim Chilton, founder and CEO of the Society for Financial Awareness.
