Since inception, BenefitGuard’s mission has been to help solve America’s retirement problem. We’ve attempted to do this by creating a high-service, low-cost, and conflict-free 401(k) offering for businesses of all sizes. While we have seen great success with this solution, the retirement problem goes beyond 401(k)s and investment vehicles. Put simply, Americans aren’t saving nearly enough.


With cuts to Social Security, Medicare, Medicaid, as well as the mass decline of defined benefit plans, individuals will not have the same retirement safety nets that their parents and grandparents had. The days where you could count on having a livable income through Social Security and company pensions are fading fast. Despite this fact, savings rates in the U.S. have not increased to compensate for these declining retirement programs. Quite the opposite has actually taken place. The average savings rate between 1970 and 1990 was just over 10%. In November of 2016, it was barely over 5%, and while this is an improvement from a couple years ago, it’s still drastically lower than it needs to be to prepare for retirement.


The primary reason for Americans not saving enough for retirement is that on average, we’re not living below our means. In other words, American’s tend to spend more than we make.  Whenever this happens, the result is the accumulation of debt. Not surprisingly, over the past 40 years, we’ve seen the ratio of household debt to Gross Domestic Product (GDP) nearly double. With this increase of household debt, saving enough for retirement can become extremely difficult. To combat this trend and further the BenefitGuard mission to help solve America’s retirement problem, we’ve developed a personal finance platform, Financial Connection, to help educate individuals on how to eliminate debt, create savings, and build wealth in preparation for retirement.




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Spencer is currently the Chief Operating Officer for BenefitGuard. He joined BenefitGuard after receiving his MBA from Westminster College. He previously worked as a business consultant for several reputable law firms and start-ups throughout northern Utah. His passions include: business, investing, politics, economics, golf, college football, and family.

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