Financial security during your working years, and in retirement, is a top priority for every member of the National Association of REALTORS® (NAR). However, since most members work as independent contractors, or brokerage owners/managers, they don’t have access to employer retirement savings plans, making it especially challenging to plan for long-term financial security.
Many REALTORS®, including those who are enjoying success in their careers, do not achieve basic financial planning goals. NAR research shows that:
- 43 percent are not saving for retirement
- 42 percent do not feel prepared for a financial emergency
- Only 46 percent are “completely confident” they can retire when they are ready
Adding to the problem, REALTORS® tend to be extremely busy and preoccupied with helping clients. Early in their career, it’s easy to postpone retirement planning; later, it’s tempting to assume it’s too late to make meaningful improvements.
Turning the Corner
Changing course requires action. Recognizing the importance of the challenge, 2017 NAR President Bill Brown pledged to help members take charge of their financial lives. He convened a Presidential Advisory Group (PAG) of REALTORS® from across the country chaired by NAR Past President Sharon Millett, and met twice for a total of four days to identify and recommend steps to support members’ financial strength through education and other resources. Major recommendations and initiatives stemming from the PAG’s work include:
- New Financial Wellness Program
The PAG’s top recommendation focused on engaging members on the importance of financial wellness…