The number one financial worry for Americans, according to a recent Gallup poll, is having enough money for retirement. Half of U.S. households with someone age 55 or over have no retirement savings at all according to the Government Accountability Office. Kenton County, Kentucky has a population of 165,399 with 14% of the population over 65 according to the US Census. As the average life expectancy continues to increase and future income from Social Security stagnates or even decreases, saving adequately for later-in-life expenses will be more important than ever. Each year the Employee Benefit Research Institute documents how poorly Americans are prepared for retirement. In 2018, the Retirement Confidence Survey (RCS) found only a third of retirees very confident in their ability to live comfortably throughout retirement (32 percent). (ebri.org) One of the causes is access to retirement plans; The Peter G. Foundation found that 16% of employees have access but don’t contribute (employer offers but isn’t cost effective) 34% don’t have access (employer doesn’t offer retirement) and 50% have access and contribute (employer offers and it is cost effective)

 To address this challenge in educating residents to secure their financial stability, Kentucky State University Family and Consumer Sciences Agent partnered with Kenton County Family and Consumer Sciences Agents, Boone County Family and Consumer Sciences Agent and Financial Professionals in a program “Closing in on Retirement”. 40 participants from Kenton and Boone County participated in a 5 hour one- day program. Session topics included Scams, Insurance, Medicare, and Investments.

A written evaluation after the “Closing in on Retirement” program yielded the following results: 59 % would consult with a financial advisor, 76 % would talk to an insurance agent to review coverage, 62 % would talk to a professional about Medicare, 65 % would develop a post-retirement budget, and 79% would review their investments. Verbal feedback stated “this information was very important for seniors and worth their time to attend”. Financial management classes for retirees help individuals secure and manage their financial risks.