For many older Americans, outliving their savings is a frightening prospect.
Three-quarters of those ages 50-64 have less than $30,000 in retirement accounts, according to a recent survey. More than 70 million workers do not have an employer-sponsored retirement plan, and many boomers are wondering how to save for their children’s college education—while also saving for their own retirement.
To help families meet such challenges, AARP is inviting Long Islanders to a free event, “Saving for a Lifetime,” on Saturday, June 14, from 5 to 8 p.m. at the Hilton Long Island Huntington in Melville.
The program will include workshops on using savings vehicles such as 401(k) plans and annuities, effective college financing strategies and estate planning. Attendees will have the opportunity to meet with a certified financial planner for a free, 15-minute session.
To register, go to aarp.cvent.com/saving or call 877-926-8300 toll-free. Light refreshments will be served, including beer and wine, and in honor of Father’s Day, the first 100 fathers to check in at the event will receive a gift.
“Saving for a Lifetime” is part of a series of financial education events AARP is hosting on Long Island. To find out more, visit aarp.org/longisland. —Ronald E. Roel