National Retirement Security Week has now been extended to an entire month! The month of October is dedicated to raising awareness and helping individuals take concrete steps towards a secure retirement. Here’s some food for thought.
According to a survey done by Ubiquity Retirement and Savings*:
80% of Americans say saving for retirement is important, while only 56% say they are saving for retirement.
66% of Americans are worried that they won’t have enough saved for retirement.
42% of Americans started saving for their retirement before they hit 30.
3 out of 5 Americans understand how their retirement works.
How to Observe National Retirement Security Week:
Start Saving Money: Don’t wait any longer. It’ll be worth it.
Speak with a Retirement Professional: You may need someone to guide you through the details and help with planning.
Spread the Word: Share a post about National Retirement Security Month on your social media, ask your friends and family if they are on track for a secure retirement, or set up a meeting at work to discuss retirement planning with your coworkers.
Tips for saving for retirement:
Automate Your Savings: Have your contributions automatically deducted from your paycheck!
Boost Contributions As You Age: If you’re over 50 years old, you can save an extra $6,000 per year tax-deferred.
If You’re Young, Invest More Aggressively: Choosing a more aggressive investment strategy early on will quickly grow your savings and give you time to recoup if the market takes a dip.
Meet Your Company Match: If your company offers to match your contribution up to a certain percentage, do it!
Diversify Your Retirement Vehicles: Add a tax-advantaged retirement account like a Roth IRA so that some of your savings grows tax fee.
Questions to Ask Yourself:
Do you know how much income you will need during retirement?
What sources of guaranteed income do you already have?
How much do you already have saved for retirement?
Have you discussed your concerns with a financial professional?
It’s never too late to start saving and creating a plan for retirement.