Vacation Planning Trumps Retirement Preparations

Edward Jones surveyed adults on the planning activities they spend the most time on: retirement, vacation, higher education or making a big purchase like a new home or a car.

Nearly one-third, 28%, said they spend the most time thinking about a vacation, while 25% said they spend the most time planning for retirement, and 22% said they think about the cost of higher education.

However, as people get older, they think more about retirement, as the survey found that 31% of those ages 35 to 44 cited this goal. This jumped to 37% among survey respondents ages 45 to 54 and 40% among those between the ages of 55 to 64.

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“Frankly, we’re not surprised people spend more time thinking about vacations instead of tackling larger challenges, such as saving for retirement or higher education, particularly at this time of year,” says Scott Thoma, a retirement strategist for Edward Jones. “All too often, people don’t prioritize planning and investing for the long term because it’s 20 to 30 years away, but this is a big mistake. As the number of years to retirement decreases, so do the balance and returns on an investment account. Saving just a little over a long period of time can be much more beneficial than trying to save more at the last minute.”

The survey also found that parents think more about the costs of higher education; those with children spend more time thinking about higher education costs (28%) as opposed to planning for retirement (19%).

“Parents face a major challenge when it comes to navigating the balance between saving for retirement and helping their children with the rising rate of tuition,” Thoma says. “It is important to prioritize your goals and view them together rather than delaying saving for one goal over another. By understanding how your goals interact, you can work to make sure you don’t inadvertently derail one when saving for another.”

The survey, based on 1,006 adults, also indicated that as people age, their focus on vacation planning increases, while their interest in saving for a major purchase decreases. A quarter, 25%, of those 18 to 34 concentrate the most on vacation  planning, but this jumps to 40% among those 35% among those 65 or older. Among those 18 to 34, 27% prioritize a major purchase, compared with 11% among those 35 to 44.

 

FCRC Apps Launches SkyBoks Document Portal

FCRC Apps, the technology developer behind eFiduciary.net, has added the new “SkyBoks” document upload and management feature to its suite of Web-based fiduciary governance tools.

Through SkyBoks, advisers gain a portal for clients and other parties to upload and share large files through a secure server. The tool also allows advisers to grant document access and uploading capabilities to non-registered users, namely prospective clients and service partners. 

The document upload tool can be accessed by advisers using a unique Web-link. SkyBoks will send an email notification to document recipients, letting them know they have access to their own “bucket” within the eFiduciary.net system. SkyBoks also allows advisers to designate a moderator, who can review whether links have been viewed and if documents have been uploaded and shared. 

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“We wanted to create an easy-to-use application [app] that users could offer their clients, prospects, business partners or anyone who wished to transfer files of any kind and nearly any size without the worry of attaching it to an email,” explains Thomas Zamiara, one of the founders of eFiduciary.net.

Zamiara says FCRC Apps built the solution to address a long list of client concerns around document retention and data security. “Clients pushed for ease of use, security, file type and size limitations and outgoing/incoming server restrictions. We hurdled over all of those issues in this tool,” he adds.

Built with regulatory and prudent practices in mind, eFiduciary.net is a unique tool for consultants and advisers to use with their investment fiduciary clients. It allows for committee collaboration, document retention and retrieval, and consultant practice management tools. To schedule a demo of the new application or the other tools on eFiduciary.net, those interested can email info@efiduciary.net.

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