{"id":14845,"date":"2023-03-28T11:14:53","date_gmt":"2023-03-28T16:14:53","guid":{"rendered":"https:\/\/johnsonwim.com\/?p=14845"},"modified":"2023-03-28T11:14:53","modified_gmt":"2023-03-28T16:14:53","slug":"celebrating-financial-literacy-month","status":"publish","type":"post","link":"https:\/\/johnsonwim.com\/celebrating-financial-literacy-month","title":{"rendered":"Celebrating Financial Literacy Month with Johnson Wealth and Income Management"},"content":{"rendered":"
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April is Financial Literacy Month, which provides an opportunity to focus on the complexity that an aging America faces as they transition to their golden years. Discover how financial literacy can help you secure a fruitful retirement here.\u00a0<\/strong><\/p>\n

At Johnson Wealth and Income Management, we understand the unique challenges that Iowa retirees face and are committed to helping our clients achieve financial success.<\/p>\n

As a retiree or soon-to-be-retiree, you\u2019ve worked hard your entire life to build a more secure financial future. However, navigating the complexities of retirement planning can be overwhelming. It\u2019s important to have a solid understanding of financial literacy to help ensure you\u2019re making informed decisions.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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What is Financial Literacy?<\/h4>\n<\/div>\n<\/div>\n

Financial literacy, defined as knowledge of fundamental financial concepts and the ability to do simple financial calculations, is a key skill required to ensure adequate financial protection in older age.<\/p>\n

Issues such as how much to save for retirement, how to help protect ourselves and our families from fraud, and helping loved ones manage their assets can be daunting for library staff tasked with directing patrons to reliable information.<\/p>\n

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Why is Financial Literacy Important for Iowa Retirees?<\/h4>\n

From learning about tax strategies to what savings accounts you should be contributing to, financial literacy is crucial for managing factors that could affect your golden years – and your wallet. It is important to plan and save enough to provide adequate income in retirement while trying to avoid high levels of debt that might result in bankruptcy, defaults, and foreclosures.<\/span><\/p>\n

As you near retirement age, the need for understanding your finances increases as they face many important, and often irreversible, choices. Therefore, becoming more financially literate before retirement can help prevent older people from falling into hardship.<\/p>\n

For example, people may overspend or withdraw too much money from their retirement accounts too soon. Additionally, not understanding tax laws and healthcare options can result in unexpected expenses and reduce retirement income. <\/span>According to a financial literacy survey,<\/span><\/a> lack of financial literacy cost 15% of adults at least $10,000 in 2022.<\/span><\/p>\n

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How much did lack of financial literacy cost people last year?<\/span><\/h4>\n

According to a National Financial Educators Council\u00a0survey<\/a>, “If we generalize the results to represent all of the approximately 254 million adults who live in the U.S., lack of financial literacy cost Americans a total of more than $436 billion in 2022.”<\/p>\n<\/div>\n

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