Lessons from National Save for Retirement Week - Ahwatukee Foothills News: Money

default avatar
Welcome to the site! Login or Signup below.
|
||
Logout|My Dashboard

Lessons from National Save for Retirement Week

Print
Font Size:
Default font size
Larger font size

Related Stories

Posted: Saturday, October 5, 2013 6:45 am

Congress has designated the third week in October as National Save for Retirement Week — which means it’s a good time to think about your own retirement savings strategies.

Ensuring that you have enough money to support your chosen retirement lifestyle is certainly important. Unfortunately, many of your fellow Americans have apparently not done enough in the way of building retirement savings to ease their minds. Consider these figures, taken from the Employee Benefit Research Institute’s 2013 Retirement Confidence Survey:

• 49 percent of those surveyed said they are not confident about being able to afford a comfortable retirement.

• Just 46 percent of survey respondents say they and/or their spouse have even tried to calculate how much money they will need to live comfortably in retirement.

What steps can you take to gain confidence in your ability to retire in the manner you have envisioned? Here are a few suggestions:

• Envision your retirement lifestyle. At what age do you want to retire? When you retire, do you plan to travel or stay close to home and pursue your hobbies? Will you do some part-time work or consulting? It’s important to identify your retirement goals and then, as best as possible, estimate how much they will cost. Once you know what your retirement goals look like, you’ll be able to shape a strategy for achieving them.

• Contribute as much as you can afford to your retirement accounts. No matter what your retirement goals may be, you’ll help yourself by contributing as much as you can possibly afford to your IRA and your 401(k) or other employer-sponsored retirement plan (at a minimum, put enough into your 401(k) to earn your employer’s matching contribution, if one is offered). And if you reach the point where you can “max out” on these plans, look for other tax-advantaged investments to which you can contribute.

• Invest for growth. To help you reach your goals, you’ll want to include a reasonable percentage of growth-oriented vehicles in your retirement accounts. The exact percentage will depend on your risk tolerance and your specific objectives, but it’s important to have that growth potential. Keep in mind, though, that investing in growth-oriented vehicles involves market risk and possible loss of principal.

• Review your progress. At least once a year, review your portfolio to determine if its performance is still on track to help you make the progress you need to reach your goals.

• Make changes as needed. If your investments are simply under performing, you may need to make some changes. And in the years immediately preceding your retirement, you may also need to adjust your holdings, possibly by moving some dollars from growth-oriented investments to income-producing ones. However, even at this stage of your life, you may still need your portfolio to provide you with some growth potential — you could be retired for two or three decades, so you’ll want your money to last and to stay ahead of inflation.

National Save for Retirement Week comes just once a year. Take its message to heart.

• This article was written by Edward Jones for use by Ahwatukee Foothills Edward Jones Financial Advisor Joseph B. Ortiz, AAMS, CRPS. Reach him at (480) 753-7664 or joseph.ortiz@edwardjones.com. Accredited Asset Management Specialist and AAMS, Chartered Retirement Plans Specialist and CRPS are registered service marks of the College for Financial Planning.

More about

More about

More about

  • Discuss

How Racial Disparity Does Not Help Make Sense of Patterns of Police Violence

I want simply to draw attention to how insistence on reducing discussion of killings of civilians by police to a matter of racism clouds under…

Published: September 24, 2016 - 9:38 pm @ http://portside.org/2016-09-24/how-racial-disparit…

Where did the chimichanga, the glorious deep-fried burrito, come from anyway?

Recently, UNESCO designated Tucson as  a “capital of gastronomy,” naturally inspiring articles on the Arizona city’s long food heritage, as we…

Published: September 24, 2016 - 5:38 pm @ http://www.latimes.com/food/dailydish/la-fo-chimic…

Wanted man in custody after chase, barricade in Phoenix

PHOENIX - Phoenix police say a man with multiple felony warrants is in custody after leading officers on an overnight chase. The suspect repor…

Published: September 24, 2016 - 5:42 pm @ http://www.abc15.com/news/region-phoenix-metro/cen…

Neighbors say former Phoenix golf course attracting more and more homeless people

PHOENIX - Neighbors say an abandoned golf course is becoming prime real estate for homeless people in Phoenix. They say the area near 19th Ave…

Published: September 24, 2016 - 5:40 pm @ http://www.abc15.com/news/region-phoenix-metro/cen…

A veggie burger that 'bleeds' might convince some carnivores to eat green

Humans have been eating meat since, well, before we were human. Popout Share downloadListen to the Story. But there are so many of us now eati…

Published: September 24, 2016 - 5:08 pm @ http://www.pri.org/stories/2016-09-23/veggie-burge…

Bicyclist killed in crash with truck in W. Phoenix

PHOENIX - Phoenix police are investigating a deadly crash involving a truck and a bicycle. Emergency crews arrived at the scene near 35th Aven…

Published: September 24, 2016 - 5:12 pm @ http://www.abc15.com/news/region-phoenix-metro/wes…

20 tons of trash have been removed from Papago Park following complaints on cleanliness

TEMPE, AZ - It all started with area residents telling ABC 15 that they didn't feel safe walking, riding and hiking along the trails of Papago…

Published: September 24, 2016 - 4:38 pm @ http://www.abc15.com/news/region-southeast-valley/…

Ranked: Every Amazon Original Series So Far

Right at the beginning of the summer, we took on the slightly crazy task of watching every Netflix Original Series so far, and ranking each sh…

Published: September 24, 2016 - 3:38 pm @ http://theplaylist.net/ranked-every-amazon-origina…

Native Americans Lead Conservation Efforts in Rio Grande Valley

After a bitter primary fight Trump gets Cruz’s backing; a lawsuit challenges solitary confinement of children; and Americans urged to get out …

Published: September 24, 2016 - 3:08 pm @ http://www.publicnewsservice.org/2016-09-22/native…

I'm Dancing as Fast as I Can

I BELIEVE THAT THE RHYTHMS OF DANCE RELECT THE VERY HEARTBEAT OF THE UNIVERSE. After all, the human body was made to move, and that is true wh…

Published: September 24, 2016 - 3:06 pm @ http://www.rogerebert.com/chazs-blog/im-dancing-as…

Facebook

ahwatukee.com on Facebook

Twitter

ahwatukee.com on Twitter

RSS

Subscribe to ahwatukee.com via RSS

RSS Feeds

Spacer4px

Most Popular

Online poll

Loading…