Only 52% of Realtors® are actively saving for retirement, according to the 2019 NAR Financial Planning Report. The report also states that twenty-eight percent of members feel that they cannot confidently retire when ready.
That’s one of the reasons why 2017 NAR President Bill Brown pledged to help Realtors® take charge of their personal finances. That vision led to the creation of NAR’s Center for Realtor® Financial Wellness.
Nine out of 10 Realtors® that work as independent contractors can face ebbs and flows in their businesses, fluctuating incomes, tax issues, and many other financial complexities. That’s why the center is a resource designed exclusively to help meet the specific financial planning needs of Realtors®.
The Center for Realtor® Financial Wellness online platform includes an interactive site with step-by-step guides to help members achieve financial security through planning and diversifying their savings. Free monthly webinars and upcoming live events are also available.
“It’s so important to be prepared for retirement and have an exit strategy,” said Brittany Schanck, NAR’s Financial Wellness manager. “The platform includes free financial tools and calculators that members can use for their business or personal expenses.”
To access the platform, log into FinancialWellness.realtor using your nar.realtor log-in credentials. Members can take a quick and easy online assessment for customized recommendations and personalized financial goals. After the assessment, members can review, manage and track their progress. The site also provides a robust library of budgeting, retirement and real estate investing resources.
“Members can also access free monthly webinars designed to explain financial topics on a deeper level,” Schanck explained. “You’ll find subject-matter experts who speak on a variety of topics to provide tips, planning options and valuable information to help Realtors®… Just visit nar.realtor.”
In 2020, the Center for Realtor® Financial Wellness will be hosting its first live event in California, the home state of Bill Brown. Additional live events will be announced in the coming months.
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