Finances 50+

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South Carolinians go to the polls this month to vote in primary elections for governor, lieutenant governor and other statewide offices. Do you know where the gubernatorial hopefuls stand on issues important to people 50 and older?

It’s time for spring cleaning, and that includes getting rid of old bank statements and other financial documents. But don’t just throw them out. Shred instead. Otherwise, identity thieves can use the information to steal your savings.

We have all heard that the savings rate in U.S. is dismal. In fact, the typical working-age household has only $3,000 in retirement assets and retirement age households have only $12,000. Bringing it closer to home - the National Institute on Retirement Security ranks South Carolina 50th worst in 401k savings.

By Linda H. Lamb

Por Linda H. Lamb

AARP South Carolina believes that today, a secure retirement is out of reach for millions of Americans, especially those who work for small businesses. According to the National Institute on Retirement Security, the conservative estimate of the total U.S. retirement savings deficit is $6.8 trillion. Nearly half of workers age fifty and older have less than $25,000 in savings and investments. The average 401(k) account balance in South Carolina is $20,630, ranked 50th worst in the United States.

By Curtis Loftis, South Carolina Treasurer

AARP South Carolina believes that today, a secure retirement is out of reach for millions of Americans, especially those who work for small businesses. According to the National Institute on Retirement Security, the conservative estimate of the total U.S. retirement savings deficit is $6.8 trillion. Nearly half of workers age fifty and older have less than $25,000 in savings and investments. The average 401(k) account balance in South Carolina is $20,630, ranked 50th in the US.

The Hilton Head Economic Development Corporation will partner with the U.S. Small Business Administration and AARP South Carolina on Tuesday, June 16, to host an “Encore Entrepreneur + Mentor Matchmaker” event. The free event will connect aspiring entrepreneurs and small business owners with a variety of business experts through a series of roundtable mentoring sessions. Topic categories will include starting, running, marketing and financing a business. The event will also include a panel discussion with several Hilton Head Island entrepreneurs. Entrepreneurship is a key focus area of the HHIEDC’s program of work.