(FOX News) -- While many Americans focus on shrinking their waistlines for the start of the New Year, some money experts say it’s also a perfect time to get your finances in order.
According to a 2017 GoBankingRates survey, more than half of Americans (57%) have less than $1,000 in their savings account. And, while that number is an improvement from 2016, when 69% of Americans reported having that amount, there is still a lot more work to do in 2018.
Peter J. D’Arruba, president of the International Association of Registered Financial Consultants and personal investment advisor, told FOX Business, the top mistake he sees people make is not having “a true retirement plan.”
“Millions of Americans are confused about what the true ingredients of a successful retirement plan are,” D’Arruba says. “I will not allow anyone in my office to define a financial plan or a retirement plan unless a proper percentage of assets in that plan are devoted to a lifetime income that cannot be outlived. After all, what good is a plan that only lasts 20 years into retirement before all the money is extinguished?”
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