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Epoch Times
10-05-2025
- Business
- Epoch Times
Americans' Retirement Readiness Gets a Bad Grade in One Area
By Christy Bieber Kiplinger's Personal Finance Millions of Americans risk not being ready for retirement. Like Kryptonite to Superman or Achilles' heel, one issue is weakening retirees' retirement preparations. That troubling news comes from a retirement readiness study conducted by IRALOGIX, a technology company specializing in IRAs. The The index revealed a national retirement readiness score of only 45.8 out of 100; scores below 50 are in the 'Moderate Risk' zone. In a press release regarding the data, IRALOGIX explained the average score indicates that 'many pre-retirees may face uncertain futures without adequate savings, health care coverage, or financial confidence to sustain themselves through retirement.' So, why are Americans falling so short in retirement readiness, and what can be done about it? Why Most Americans Have Low Retirement Readiness Americans are falling short of the ideal scores in three key areas: Health care readiness Savings and investments Lifestyle and spending However, health care readiness was the worst category, with Americans earning just 6.3 out of a possible 15 points in this category. Key gaps included a lack of understanding of how Medicare works, the absence of a plan for covering health care emergencies, and a lack of preparedness for chronic illness. 'Americans are unprepared for the costs of health care in retirement because people are living much longer lives,' warned Steve Azoury, ChFC® and owner of Azoury Financial. 'The longer you live, the more care you'll likely need. Health care in retirement has become extremely costly, and many Americans don't think about it when they're younger.' Long-Term Care (LTC): The Retirement Achilles' Heel John Gillet, CEO and founder of Gillet Agency in Hollywood, Florida, says many pre-retirees are understandably caught off guard by health care expenses. It's challenging enough to plan for routine spending, he explains, much less for one of the highest costs of all: the potential need for nursing home or home care. The proverbial Achilles' heel of retirement. 'Many Americans are just unprepared for normal living expenses in retirement,' he said. 'Therefore, it's no surprise they haven't given serious consideration to the potentially growing health care expenses they may encounter. The most significant health care expense bomb that's itching to detonate and blow away many retirement dreams is long-term health care.' Related Stories 9/7/2023 2/28/2025 As many as seven in 10 Americans are likely to require long-term care. A Poor Retirement Readiness Raises LTC Risk IRALOGIX also acknowledged that many Americans have saved too little in general, with survey respondents earning just 15.1 of a possible 35 points in the savings and investment category. Many do not understand how to create a sustainable retirement budget or withdrawal strategy, either. These issues only exacerbate the crisis that being unprepared for health care spending could cause, as those with too little savings and no clear budget will have an even harder time covering their medical needs. Retirees can, if necessary, cut many expenses in retirement, from downsizing to a less expensive house to moving to a lower cost-of-living area. But there's no escaping the fact that estimates suggest the typical 65-year-old retiree in 2024 would need $165,000 to cover out-of-pocket expenses not paid for by Medicare during retirement. With health care costs rising faster than inflation, future retirees will need an even larger sum. As the IRALOGIX report shows, not having a plan for this is one of the key factors undermining retirement readiness. How You Can Be More Prepared for the Future Planning for health care simply isn't optional for future retirees. In fact, as you think ahead to retirement expenses, and especially before deciding it's time to retire, it's critical you make sure you can cover these costs. 'In planning for retirement, build a budget that covers what you believe to be all your fixed monthly expenses, including health care expenses,' advised Domenick D'Andrea, an AIF®, CRC®, CPFA® and co-founder of DanDarah Wealth Management. Azoury agreed, stating, 'Just like living expenses will need to be calculated, so do health care costs. As you age, costs will rise, so it's important you factor that in as well.' To estimate your budget, be sure you understand what Medicare covers and excludes, as common care needs like dental costs, hearing aids, and long-term care aren't covered. You should also understand that traditional Medicare comes with 20 percent coinsurance costs for most outpatient care, so you'll need to look into the cost of Medigap plans that supplement traditional Medicare or Medicare Advantage Plans that replace it. You should also consider your family's health history and your current health status when estimating what you'll likely need to spend. And don't forget about preparing for nursing home or home care. 'A properly structured long-term care plan can help Americans pay for these unexpected care costs,' according to Gillet. This could include buying long-term care insurance or making a Medicaid plan with an estate planning attorney. Improving your overall retirement readiness can also be helpful. You can do this by identifying a safe withdrawal rate, creating a spending plan, and of course increasing the amount you save and invest. 'Americans who are over the age of 50 can use the catch-up provision and contribute an additional $7,500 into their 401(k),' D'Andrea said. 'Secure 2.0 also allows a super catch-up contribution for people from age 60 to 63 to increase their contribution by $11,250 instead of $7,250.' D'Andrea also said if you can't save more, working longer may be your only option if you aren't fully prepared for health care and other expenses. Ultimately, the more you can invest for retirement, and the clearer you are on your budget, the better your chances of covering health care costs. If you aren't sure your money will stretch far enough, it simply may not be your time to retire. ©2025 The Kiplinger Washington Editors, Inc. Distributed by Tribune Content Agency, LLC. The views and opinions expressed are those of the authors. They are meant for general informational purposes only and should not be construed or interpreted as a recommendation or solicitation. The Epoch Times does not provide investment, tax, legal, financial planning, estate planning, or any other personal finance advice. The Epoch Times holds no liability for the accuracy or timeliness of the information provided.
Business Wire
08-05-2025
- Business
- Business Wire
IRALOGIX Celebrates 10 Years of Retaining Assets and Driving Revenues for Wealth Management Partners
PITTSBURGH--(BUSINESS WIRE)-- IRALOGIX, the retirement industry's leading fintech provider, today marked its 10 th anniversary, underscoring a decade of growth, innovation, and impact in reshaping how the wealth management industry serves retirement investors. Share 'What makes IRALOGIX stand out is how we've balanced innovation with execution,' said Peter de Silva, CEO. 'We're constantly improving, but always focused on solving real-world problems. This anniversary is a great moment to reflect, but it's also just the beginning of what's to come.' Founded in 2015, IRALOGIX has redefined IRA management with its paperless, white-label technology. Today, the company has more than $1.3 billion in assets under administration across 365,000 accounts. Its platform helps wealth management institutions and financial advisory firms nationwide deliver scalable, cost-effective retirement solutions, simplifying complex processes and making it easier for more Americans to invest for the future. 'Ten years ago, we saw an opportunity to rethink how retirement products are delivered,' said Pete Littlejohn, IRALOGIX President and Co-founder. 'We set out to build technology that made IRAs more personal, easier to manage, and more accessible for everyone. With the right people and the right expertise, we've been able to turn that vision into reality. It's been incredibly rewarding to watch it grow.' From a small team with a big idea, IRALOGIX has evolved into a major national player, offering a platform that adapts to the diverse needs of a wide range of partners, from leading financial institutions to independent advisors. The company's success has also been driven by a sharp focus on strategic collaboration, with a flexible, API-first platform that integrates seamlessly into partner ecosystems. IRALOGIX will commemorate its 10th anniversary with a company-wide celebration, while continuing to build for the future with new features, partnerships, and product enhancements. About IRALOGIX IRALOGIX is redefining the $14.5 trillion IRA marketplace through its industry-leading technology-enabled, fully paperless, white-label IRA record-keeping and technology solutions. The company's proprietary technology solutions enable any financial institution to easily customize its IRA offering and compete effectively in all segments of the IRA market, regardless of account size. Through modular technology, institutional clients have the choice to use their internal investment or advisory capabilities or select from key industry-leading providers. IRALOGIX complements your market strategy, streamlines your IRA service options, and helps you expand your business across all segments of the industry, profitably. For more information, please visit
Yahoo
02-04-2025
- Business
- Yahoo
IRALOGIX Named to 2025 WealthTech100; Recognized as Wealth Management Technology Innovator for Third Successive Year
PITTSBURGH, April 02, 2025--(BUSINESS WIRE)--IRALOGIX, a leading provider of cloud-based, fully paperless IRA recordkeeping and technology solutions for the wealth management industry, has been named to FinTech Global's prestigious 2025 WealthTech100 list. This is the third consecutive year the company has earned this honor. The WealthTech100 recognizes companies tackling some of the biggest challenges in the investment industry, from the push for digital transformation to shifting client expectations and the effects of the intergenerational wealth transfer. The 2025 list was narrowed down from more than 1,200 candidates by a panel of industry experts, who selected 100 firms leading the way in innovation and impact. IRALOGIX was selected for its work modernizing the retirement sector's technology infrastructure, specifically for providing scalable, cloud-based technology that allows financial institutions to deliver IRA solutions without relying on dated systems. "Being named to the WealthTech100 again is a strong validation of the work we're doing to modernize a part of the industry that's been slow to evolve," said Peter J. de Silva, CEO of IRALOGIX. "Most retirement infrastructure still runs on legacy systems that limit flexibility and drive up costs. Our platform replaces those inefficiencies with a scalable, compliant solution that's future-focused, giving our partners the tools to deliver a client experience that reflects the best of modern financial technology." IRALOGIX's technology enables banks, recordkeepers, and advisory firms to offer a wider range of IRA products with greater automation and flexibility. As many firms reevaluate their technology stacks, retirement services are becoming a growing area of focus, especially with new generations inheriting wealth and expecting modern digital experiences. "This year's selection process was more competitive than ever," said FinTech Global director Richard Sachar. "With clients expecting hyper-personalized digital experiences, and global events continuing to test market resilience, firms can no longer rely on legacy systems or reputation alone. The 2025 WealthTech100 will help senior decision-makers in the investment industry identify the solution providers who can transform their businesses and help them stay ahead in this highly dynamic market." The full WealthTech100 list is available at To learn more about IRALOGIX and its innovative platform, visit About IRALOGIX™ IRALOGIX is redefining the $14.5 trillion IRA marketplace through its industry-leading technology-enabled, fully paperless, white-label IRA record-keeping and technology solutions. The company's proprietary technology solutions enable any financial institution to easily customize its IRA offering and compete effectively in all segments of the IRA market, regardless of account size. Through modular technology, institutional clients have the choice to use their internal investment or advisory capabilities or select from key industry-leading providers. IRALOGIX complements your market strategy, streamlines your IRA service options, and helps you expand your business across all segments of the industry, profitably. For more information, please visit View source version on Contacts Scott SunshineBlue Dot Advisorsscott@ (917) 748-3383 Sign in to access your portfolio
