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Money Matters Blog

Wednesday, April 3, 2013

Saving for Your Retirement Requires Committing to a Plan

With so many people saving money for everyday living expenses, education and home improvement, saving for retirement is often neglected.

Overall savings are down, according to survey results released in March 2013 by the Employee Benefit Research Institute. The same survey, which has been conducted for 23 years, also noted a new record low regarding retirement confidence, according to an article from the Wall Street Journal.

According to the EBR survey, 28% of Americans responded that they have no confidence they will have enough money to retire comfortably. Also, the percentage of workers who said they have saved for retirement also dropped to just 66%, down from a 75% in 2009.

Saving for retirement is becoming difficult for many people, which is why it’s so important to make it a priority and create a plan for the future.

“The time to start saving for retirement is always now. Regardless of your age, building a savings habit is critical and requires a detailed plan,” said Randy Penner, senior vice president of sales and marketing at Community Financial.

Many financial experts agree that saving as soon as possible is the best first step, so that the cumulative benefits will begin to add up over time. Other tips include:

        -Saving extra money after receiving a raise by opening an IRA
        -Contribute enough to your 401(k) to trigger the employer match, if offere
        -Save between 10-15% of your income for retirement, or slowly build to that     percentage as your career goes on and your salary increase. 
        -Don’t be tempted to use your retirement savings for anything but retirement when the time comes.

Planning and making the commitment early is also crucial to make sure you have the confidence to stay the course.  As Penner notes, “Those who got scared and left the market during the recession are now missing the market’s recovery.”

It’s never too late to plan and Community Financial is available to help.

“A financial professional can be a critical coach at any time of your life,” said Penner. “At Community Financial we have dedicated financial professionals who will focus on your specific retirement planning needs."

To get started planning your future, contact a Financial Consultant  (877) 937-2328 for a no-cost, no-obligation appointment. Our Representatives will meet you at your local Community Financial office.


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