Legacy Group: August 2026 Newsletter

This month we are sharing an article that caught our attention. It highlights a surprising statistic about retirement savings and serves as a reminder that building long-term wealth is often the result of small, consistent financial decisions over time.

We’ve also included a few timely financial reminders that are worth reviewing this month.

Is Your Car Worth More Than Your Retirement Account?

A recent study highlighted a surprising statistic: for many working Americans, the value of their vehicle is actually greater than the balance in their retirement account. While that may sound alarming, it serves as an important reminder that retirement savings often take a back seat to more immediate financial priorities like mortgages, childcare, student loans, and rising living expenses.

The good news? Building wealth isn’t about making one dramatic change; it’s about consistently making small, smart decisions over time. Even modest increases to retirement contributions, taking advantage of employer matching, or increasing your savings rate after a raise can have a meaningful impact thanks to the power of compounding.

If it’s been a while since you’ve reviewed your retirement plan, August is a great time to check in. A quick review today can help ensure you’re still on track toward your long-term goals.

August Financial Checklist:

• Review your retirement contributions. If you’ve received a raise this year, consider increasing your 401(k) or IRA contributions.
• Check your beneficiaries. Life changes such as marriage, divorce, births, or deaths are good reminders to review beneficiary designations on retirement accounts and insurance policies.
• Evaluate your cash reserves. An emergency fund can help prevent tapping long-term investments when unexpected expenses arise.
• Schedule a mid-year financial review. Markets, tax laws, and personal circumstances can all change throughout the year. A quick conversation can help ensure your financial plan still aligns with your goals.