It’s National Save for Retirement Week – It’s Time To Take Action Congress has dedicated the third week of October as National Save for Retirement Week. Clearly, the government feels the need to urge people to do a better job of preparing for retirement. Are you doing all you can?
Many of your peers aren’t – or at least they think they aren’t. In a recent survey conducted by Bankrate.com, respondents reported that “not saving for retirement early enough” was their biggest financial regret. Other evidence seems to show they have good cause for remorse: 52% of households 55 and older haven’t saved anything for retirement, according to a report from the U.S. Government Accountability Office, although half of this group reported having a pension.
Obviously, you’ll want to avoid having either financial regrets or major shortfalls in your retirement savings. And that means you may need to consider making moves such as these:
• Take advantage of all your opportunities. You may well have access to more than one tax-advantaged retirement plan. Your employer may offer a 401(k) or similar plan, and even if you participate in your employer’s plan, you are probably still eligible to contribute to an IRA. You may not be able to afford to “max out” on both plans, but try to contribute as much as you can afford. At the very least, put in enough to your employer’s plan to earn a matching contribution, if one is offered, and boost your annual contributions every year in which your salary goes up.
• Create an appropriate investment mix. It’s not enough just to invest regularly through your IRA, 401(k) or other retirement plan – you also need to invest wisely. You can fund your…
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