April is Financial Literacy Month

National Financial Literacy month is recognized each year in April to raise public awareness of the importance of financial literacy and maintaining smart money management habits. This week, Colorado State Treasurer Dave Young emphasizes the importance of planning for retirement.

“National Financial Literacy Month is a great opportunity for us to check and promote our financial situation and skills,” Young said. “Deciding when to take social security and how to use your pension are some of the most important decisions you can make in retirement.  

With 40% of private-sector workers in Colorado not having access to a retirement savings plan, almost 1 million Coloradans are not preparing for retirement.”

Retirement accounts are intended to provide income when you stop working. Without a retirement plan, you will have no other option other than to keep working past the “traditional” retirement age, as it is unlikely Social Security will provide you with enough income.

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