For Mark Roberts’ Use: Ideally, we set retirement goals and then spend the next thirty or so years working to meet those goals. In reality, though, we often neglect to save for retirement early in our careers, and then we have to play catch-up later.
Sound familiar? If you’re counting down to retirement, you might be wondering whether you’re really prepared to take the plunge. In fact, according to the Employee Benefit Research Institute, only 2 out of every 10 workers report feeling confident about their retirement years. The rest of you aren’t so sure.
The good news is, the Institute also estimates that 8 out of 10 workers will indeed have at least 80 percent of the financial resources they need to retire. So while you might be questioning your retirement readiness, you probably aren’t all that far behind. If you take these four steps, you can get caught up on your savings.
Set a goal. It’s difficult to meet a savings goal when you don’t know how much money you’re trying to save! Make an appointment with us, and we’ll help you determine a reasonable goal for your retirement.
Reap your full employer match. If your company offers matching retirement funds, make sure to contribute enough to your account that you can reap the full match each year. Otherwise you’re saying no to free money.
Make catch-up contributions. Once you reach age 50, you can make additional catch-up contributions beyond the normal allowable limits each year. If you put off retirement savings earlier in your career, ten years of catch-up contributions can help you make up for lost time.
Assess your insurance needs. Establishing a stream of income is only one part of retirement planning. You should also anticipate events that could impact your financial status, and take steps to safeguard your income. The right mix of insurance products can help you hedge against potential problems, so come talk to us about your potential retirement needs. We can help you set a savings goal, make a plan to reach it, and then help you safeguard your future.