Don’t put off saving for retirement until tomorrow
Most Americans understand the importance of saving for
retirement but unfortunately, not everyone’s concerns translate to action.
While 93 percent of working Americans know they should
be contributing to their retirement, only 72 percent are actually doing something.
A study found that while nearly three-fifths of
respondents plan to retire by age 65, almost the same amount of people fear
they’ll never save enough for retirement.
Unfortunately, saving for the future is often put on the
back-burner for what may seem like more pressing financial priorities, such as
paying for children’s college education. Today more than ever before,
individuals are responsible for ensuring their own financial security during
retirement.
The earlier people begin to plan and save for their
post-working years, the better. Here are some top things to consider: How much
will people need to finance their retirement? Do they plan to move, travel or
take up new hobbies? Also take in to account potential unexpected and rising
costs, like healthcare.
People can estimate their retirement needs by
identifying potential expenses, as well as by calculating the amount they might
receive from each potential source of retirement income, such as Social
Security, pensions, personal investments and employment earnings.
People shouldn't be surprised if what they need to
retire is a large sum, since this money may need to support them for 20 or 30
years or more. Fortunately, there are ways to help maximize retirement savings
over time.
Investing early for retirement and contributing as much
as possible to tax-advantaged employer-sponsored retirement plans, IRAs and permanent
life insurance are a few ways to help build retirement dollars. Automatically
transfer a regular contribution from a paycheck to a retirement account.
While it is good to have market backed retirement plans it
is crucial to have an account that is not directly correlated to market volatility.
In some cases, it may be appropriate to consider rolling
over or transferring funds to an account without minimums. However, there may
be some cases where leaving the funds may be the right decision.
Understand the time horizon, risk tolerance and goals.
Generally speaking, risk tolerances will change over time. Make planning a
family affair by scheduling times to discuss financial future with a partner or
family members over dinner, on a picnic or as part of a weekend getaway.
Consider working with a qualified financial professional
to help ensure your retirement plan is on target.
It is never too early or too late to get started and
while it may seem daunting, there are quality tools and resources that might
help along the way. Sometimes it can be rewarding, perhaps even enjoyable.
In our brand-new free report, our retirement
experts give their insight on a simple strategy to take advantage of that
can help ensure a more comfortable retirement for you and your family.
vsperos@scaaz.com
#LifeInsurancePhoenix #RetirementStrategiesPhoenix
http://www.scaaz.com/
http://1lifeandretirementstrategies.blogspot.com/
https://www.linkedin.com/pub/vasilios-%22voss%22-speros/60/722/67b
85254
#LifeInsurancePhoenix #RetirementStrategiesPhoenix
http://www.scaaz.com/
http://1lifeandretirementstrategies.blogspot.com/
https://www.linkedin.com/pub/vasilios-%22voss%22-speros/60/722/67b
85254
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