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.
-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.
Source: http://money.usnews.com/money/blogs/the-smarter-mutual-fund-investor/2012/12/04/7-must-do-tips-for-retirement-saving
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