The hardest thing about saving for retirement is probably just getting started.
The numbers don’t lie: Many Americans don’t feel confident about their retirement. Research by EBRI found that only 28% of workers were confident in their retirement planning. And only one in three workers have saved enough to retire comfortably by age 67, according to a recent report by human resources consulting firm Aon.
If you’re afraid of what will happen to your future, it’s important to look beyond these sobering headlines and consider your own resources and life goals.
Thankfully, you can increase stability in your retirement plan. So, instead of sitting around worrying yourself to insanity, here are some smart ways to boost confidence in your retirement investment plan and improve its chances of success.
1. Take advantage of employer contribution plans
Workers who had an employer contribution plan, like a 401(k) reported feeling more confident about paying for expenses and covering medical costs in retirement. So how do you get onboard?
All defined contribution plans basically work the same way. You decide how much you want to contribute, and your employer puts the money into your individual account on your behalf. This will allow your wealth to grow tax-free, and when harnessed with compound interest, these plans can grow your savings rather quickly.
Additionally, if your employer offers a match (where they partially or fully match your contributions up to a certain amount), it can provide a tremendous value. So if you haven’t done so already, sign up as soon as possible!
2. Figure out what you’ll need compared to what you already have
Many people underestimate how much money they will need to spend in retirement. Using a retirement calculator will help determine how much income will you need in your golden years.
Furthermore, take stock of all the money and assets that you have already saved. By looking over any investments you have you can make sure they align with your retirement goals.
If you’re not sure whether you’re on the right track to meet your retirement goals or how to build the right investment portfolios, consider speaking to a Retirement Income advisor for help crafting a strategy that works best for you.
3. Make the decision to start now
It doesn’t matter how old you are, enough of the “it’s too late – I should have started earlier” self-talk. If you want to put yourself on the path to retirement success, start saving and planning now.
When it comes to a retirement plan, there is no single way that everyone should allocate their savings. Most people don’t have a financial background so it’s hard to think about things like IRAs or investment portfolios, so seeking professional help can get you on the right track.
If you think finding a financial advisor may seem like a daunting task, the experts at CKS Summit Group are here to bring you fresh new ideas for your retirement income. Our cutting edge tactical portfolios help our clients achieve safe, healthy growth of their savings and preservation of their principal balance.
By taking action and setting up a complimentary strategy session with us today, you can have assurance and control over your financial future.