Once again this weekend we celebrate the memories of those who have died while serving our nation.
Memorial Day, originally called Decoration Day, is a day of remembrance for those who have died in our nation's service. There are many stories as to its actual beginnings, with over two dozen cities and towns laying claim to being the birthplace of Memorial Day. While Waterloo N.Y. was officially declared the birthplace of Memorial Day by President Lyndon Johnson in May 1966, it's difficult to prove conclusively the origins of the day. It is not important who was the very first, what is important is that Memorial Day was established. Memorial Day is not about division. It is about reconciliation; it is about coming together to honor those who gave their all.
By 1890 it was recognized by all of the northern states. The South refused to acknowledge the day, honoring their dead on separate days until after World War I (when the holiday changed from honoring just those who died fighting in the Civil War to honoring Americans who died fighting in any war). It is now celebrated in almost every State on the last Monday in May, passed by Congress with the National Holiday Act of 1971.
As Americans, Memorial Day is also celebrated for another reason. It has come to be known as the unofficial start of summer. It has transformed into a long three day weekend to kick off the summer season. Soon families will be packing up for their beach week, Disney World, and other exciting or relaxing vacations. I, myself am very excited about my own family vacation later in the season.
It is suspected that most families spend more time planning their summer vacation than they spend planning for their retirement. In April, LIMRA, Life Insurance Market and Research Association, completed a survey intended to focus on the savings and investment preferences of those living and working in the United States. LIMRA was able to determine that 49 percent of the country is not saving for retirement. Additionally, more than half of Americans between the ages of 18 and 34, at 56 percent, are not saving for retirement. The Trends in Life Insurance Ownership study, conducted every six years by LIMRA, found that only 44 percent of U.S. households have individual life insurance. The number of U.S. households that have no life insurance whatsoever is growing. Today, 30 percent of households (35 million) have no life insurance coverage, compared to 22 percent of households in 2004. Among households with children under age 18, which arguably have the greatest need for life insurance, 11 million have no coverage.
It is my hope that everyone has a great, exciting weekend. I hope that when you return from your long weekend, you will ensure that your financial house is in order. New York Life has been doing that for 167 years and they do it better than anyone. On this Memorial Day weekend, ensure that your loved one’s memories of you are not clouded with the emotional stress of financial crisis.
