America Has a Savings Crisis…
What Are You Going To Do About It?

Dear Friends, We have a serious problem in the United States that affects all of us. People in the US are not saving money for their future! We need to do something about it now… before it is too late! Insurance agents and financial advisors need more and better training to help people find the money to save more for their future.

In 1975, as a nation, we were among the best savers in the world, saving over 9% of our incomes annually. Plus, most people had a pension. And Social Security replaced a larger part of our pre-retirement income. Consider, the peak savings years are from age 45 to 65 when most people’s children are grown and out on their own. Are the people who saved the most in 1975, now retired?

Yet, every day, we hear about retirees who struggle to survive. How many retirees do we see working at Publix… to make ends meet? Have we heard about retirees who are homeless and are forced to eat cat and dog food? How many of today’s retirees, are from that generation of the best savers in the world?

The Problem Is…

• Nearly 17 million adults age 65+ live below 200% of the Federal Poverty Level, meaning about 1 in 3 older Americans are economically insecure. (Kaiser Family Foundation analysis of U.S. Census data, 2023)

• Women 65 and older are significantly more likely to live in poverty than men, largely due to lower lifetime earnings, time out of the workforce for caregiving, and longer life expectancy. Roughly 11% of older women live in poverty compared to about 8% of older men. (U.S. Census Bureau, 2023)

• Older Black and Hispanic Americans face higher economic insecurity. More than 40% of Black seniors and nearly 40% of Hispanic seniors live below 200% of the Federal Poverty Level. (Kaiser Family Foundation, 2023)

• Social Security keeps more than 22 million Americans out of poverty, including about 16 million adults age 65 and older. Without Social Security, the poverty rate among seniors would be more than three times higher. (Center on Budget and Policy Priorities, 2024)

• Traditional poverty measures understate the problem. Alternative measures such as the Elder Index™ and the Senior Financial Stability Index show that millions of older adults who are technically above the poverty line still cannot cover basic monthly expenses such as housing, healthcare, food, and transportation. (Gerontology Institute at UMass Boston; Institute on Assets and Social Policy, 2023–2024)

Insurance Agents and Financial Advisors Need More and Better Training To Help People Save Money!

Today, as a nation, we are considered to be… among the poorest savers in the world. In 1995, we were saving only 4.7% of our income, annually, and in 2015 it was only 4.9% Compare that to countries like Sweden, Germany, Switzerland, Mexico, Canada, and many others that save well over 10% of their income each year!

The US personal savings rate in 2023 was 4.7%, which was revised up from an earlier estimate of 4.5%. This is lower than the long-term average of 8.46%. 

In July 2024, the personal saving rate in the United States amounted to 2.9 percent, which is a 1.5 percent lower figure than a year earlier. The personal saving rate is calculated as the ratio of personal savings to disposable personal income.

Notably, the U.S. has a GDP of $56,300 per capita and has a household savings rate of just 4.9%. On the other hand, Hungary, which has a GDP of $26,000 has a savings rate of 9.0%. (Household savings rate is defined as the difference between household disposable income, wages and net property income, and consumption.)

What will happen when it comes time for this generation of poor savers to retire? Who will have to foot the bills for them to survive? What will happen to our Social Security System? How will this problem impact our income taxes? How will this affect our standard of living and our ability to save money for their future retirement? What about the future of our children and grandchildren and their retirement?

Consider also, that these future generations of retirees will live beyond age 90. How will inflation impact their standard of living during their 25 years or more of retirement? If these people are struggling at age 65, what will it be like at age 80 and beyond with inflation?

If we do not train agents and advisors to help people find the money to save more for the future… will we as a nation have a reduced standard of living, for the first time in its history?

Agent and Advisor Training To Help People To Save Money… To Change The Future!

We need to train agents and advisors to get the message out to everyone, about how we help people save money for their future! Savings as little as $10 a week now can make a big difference at retirement time. For example: if a person age 25, saves $10 a week, based only on a 5% return, they will have over $46,526 saved at retirement. Time and compounding of interest are what will make money grow. Retirement specialists recommend saving at least 10% of your income if you would like to have financial freedom in retirement. Start saving $10 a week now and then increase it, as you are able.

Did you spend $10 last week that you could have saved? How about the week before that? Is what you spent your money on last week or the week before that… More important than saving money for your future financial freedom in retirement?

Our Financial Services Industry Is A Big Part Of The Problem!

The sad truth is most insurance agents, financial advisors, planners, and brokers in our industry receive very little training on how to help people save money! The only training most agents and advisors get is on products and investments. So they can make a quick and easy sale. Very few know how to do in-depth fact-finding to help people see where they are today. And how to help them understand the problems they will face in the future! So people will want to set better priorities and save more money for the future.

And the worst part is only a few agents and advisors work with middle-income families… Other than to make a quick sale! Very few of our prospects and clients understand money management basics – how to achieve financial security. They struggle with too much debt. So they do not have the money they need to save for their future. And it is not their fault. Because there is no one out there who is taking the time to guide them. People need our help if we want to keep our country great.

Agents And Advisors Need More Training To Help People Find The Money To Save For Their Future!

Consider, when we work with an advisor, to make a point, we will ask them… “When was the last time someone sat down with you to talk about how much income you will need and want when you retire?” After they think about it, almost all of them will say never. Isn’t that sad? Is it any wonder this nation is in trouble?

Our mission at the Insurance Pro Shop is to help Middle-Income families find the money to spend, save, invest, insure, and plan wisely for the future! So that they can “Live Debt Free and Truly Wealthy!“  And it is not hard for you to help families find $3,000 – $10,000 per year to put into savings. Once you help them see and understand the problems they face now and will face in the future.

When Will You Learn Our Found Money Management Strategies To Help Your Families Find The Money To Take Action and Save For The Future?

Are you worried about using the keys to agent success in life insurance sales? Are you hesitant about learning to help your families and clients succeed in life?

We Have The Systems, Tools, Training, And Coaching Needed To Guarantee You Are Successful In Selling Insurance and Helping Families!

We want to help you be successful in selling life insurance and annuities. Give us a call today so we can review your situation – 877-297-4608! There is no cost or obligation.

Master The Best MARKETING To Find And Attract Your Best Life Insurance Leads/Prospects!

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