National Retirement Security Week is dedicated to raising awareness about the importance of saving for retirement. It is held annually on the third week of October.
According to a recent survey of 1000 Americans by Ubiquity Retirement & Savings, 80% of them say that saving for retirement is critically important, but only 56% are saving for retirement. 66% of Americans are worried that they will not have saved enough by the time they retire. Are you one of those who could be doing better?
Here are five things that you could be doing now to help you feel more confident in your financial plans:
- Pay yourself first and automate your savings
Have your retirement contributions automatically deducted from your paycheck or checking account.
- If you are young, consider investing more aggressively
A more aggressive strategy early in life may help you grow your nest egg quickly but give you time to recover if the market takes a dip.
- Boost contributions as you age
If you are over age 50, you can make “catch-up” contributions to retirement plans, such as 401(k), IRAs & Roth IRAs.
- Meet your company’s match
If your company offers a retirement plan, such as a 401(k), and offers to match your contribution up to certain percentage, do it if you can!
- Diversify your retirement vehicles
Consider adding a tax-advantaged retirement account like a Roth IRA, so that some of your savings have tax free growth potential.
This is the perfect time to consider personal retirement goals & develop or tweak a plan that will make those goals a retirement reality. We invite you to participate and take advantage of the educational resources that we offer on our website.
This is meant for educational purposes only. It should not be considered investment advice, nor does it constitute a recommendation to take a particular course of action. Please consult with a financial professional regarding your personal situation prior to making any financial related decisions. Investing involves risk and the potential to lose principal. Investment decisions should always be made based on an investor’s specific objectives, financial needs, risk tolerance, and time horizon. (10/20)