Business & Finance

Is Your Family Prepared for a Financial Crisis or Retirement?


SCOTCH PLAINS, NJ – Retirement, which may seem a long time away for some, is undoubtedly a stage of life that many families are hoping they are prepared well enough for.

However, a new study reported by USA Today reveals that middle-class Americans have only a median of $20,000 saved for retirement, and one-third of them are not contributing anything to a 401(k), IRA or any other savings plan.

Even individuals in high income brackets can be negligent in saving for retirement.  For instance, ESPN’s “30 for 30” documentary Broke recently profiled the lives of professional athletes who went bankrupt. More than three-quarters (78%) of former NFL players and an estimated 60 percent of former NBA players have gone bankrupt or are under financial stress within five years of leaving pro sports.

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I’m surprised that it doesn’t happen more often,” said Russ Lomuscio, a financial services representative for the Northeast Planning Corporation. “Many times they go from having nothing to making all this money and don’t necessarily know what to do to make sure that money lasts them their entire lives no matter what happens. Pro athletes are perhaps the most jarring example, but financial woes can happen to anyone who does not have enough liquid savings in place and many people underestimate how much is enough.”

Sudden life-changing events and expenses can derail a retirement plan very quick if you aren’t prepared, so it is essential to expect the unexpected. Unemployment, long-term disability, lawsuits, children’s college tuition, and tax increases are just some of the variables that can impact a family’s financial plan. It is important to make sure the financial precautions are in place.

"Unlike competing wealth management firms, whose top priority is growing assets, Northeast Planning integrates risk management and financial protection with growth assets," explained Lomuscio, a 13-year resident of Scotch Plains who holds nearly two decades of experience in the financial services industry.

“We meet with clients individually to educate and advise them how to manage financial risks in their lives and how to use strategies to achieve their overall financial objectives while building sustainable wealth,” explained Lomuscio, whose firm has helped thousands of families and businesses with their financial goals.

Lomuscio educates clients using The Living Balance Sheet, a personalized tool that promotes financial organization as a guide to assist in determining both long-term and short-term goals. It helps outline financial goals through four interdependent domains: assets, liabilities, protection and cash flow.

Northeast Planning, which has been in business for 50 years, offers a variety of financial services, including:

· Investment Planning

· College Funding Strategies

· Retirement Planning

· Estate Planning

· Business Planning

· Group Benefit Planning

Lomuscio, a graduate from Rutgers University, is a licensed securities industry representative, registered investment advisor’s representative, and a licensed life and health insurance producer in numerous states giving him a broad and balanced perspective into the financial services industry. Prior to entering the financial services industry, he served in the Navy Reserve and completed Navy ROTC training in Newport, RI.

Editor's Note: Russ Lomuscio is an advertiser on TAPinto Scotch Plains-Fanwood. To learn more about becoming an advertiser, call (908) 663-2121 or email

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