Did you know that last week was the National Save for Retirement week? No? Me neither. Congress had designated October 18-24, 2009 for the purposes of raising public awareness of retirement plans available to them and increase their knowledge of personal finance.
Those objectives need to occur but one week a year isn’t going to make it happen. Over half of all US workers have $25,000 or less saved for retirement. The good news is that it’s not too late. People can learn about retirement planning 52 weeks a year.
The link above for the National Save for Retirement week website includes many resources to help people learn and plan. Use calculators to estimate life expectancy, savings requirement, estimated social security benefits and estimated retirement expenses. All of this knowledge is essential to retirement planning.
Take advantage of retirement saving plans at work whether it be a 401K, 403B or other tax code number. If you don’t see the money, you don’t miss it. If you do contribute plan on increasing the percentage of your pay contributing with each pay raise.
A bonus for people over 50 (like yours truly) is the ability to make catch-up contributions. This means most baby boomers can contribute an additional $5,000 per year once maximum contribution has been reached.
Do you participate in a retirement savings plan? If you don’t and have the opportunity please start planning for your retirement.
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