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 to Qualify for Medical Marijuana in Arizona

On November 2, 2010, Proposition 203, also known as the Arizona Medical Marijuana Act, which allows AZ residents with specific medical conditi…

Published: July 29, 2016 - 2:44 pm @ https://www.greenrushdaily.com/2016/07/29/qualify-…

Phoenix Zoo welcomes squirrel monkey baby

PHOENIX - Say hello to Tuvok, the newest addition to the Phoenix Zoo family. Born on July 15, Tuvok (yes, that's a Star Trek reference) is the…

Published: July 29, 2016 - 2:40 pm @ http://www.12news.com/news/local/valley/phoenix-zo…

Geoff Stults Jumps Into ‘Granite Mountain’; Martha Kelly Joins ‘Spider-Man: Homecoming’

Film Fox Geoff Stults has joined the cast of Joseph Kosinski’s Granite Mountain, the true tale of the elite Granite Mountain Hotshots firefigh…

Published: July 29, 2016 - 2:40 pm @ http://deadline.com/2016/07/geoff-stults-granite-m…

Arizona Cardinals Training Camp Fan Guide: 7 things you need to know

PHOENIX - The Bird Gang is ready to hit the field. Larry Fitzgerald, Carson Palmer and Tyrann Mathieu will take to the turf at University of P…

Published: July 29, 2016 - 2:40 pm @ http://www.abc15.com/entertainment/events/arizona-…

Arizona League Of Women Voters Reflects On Clinton Nomination As ‘Historic’ Moment

Published: Thursday, July 28, 2016 - 3:08pmUpdated: Friday, July 29, 2016 - 10:53am downloadEight years ago, Hillary Clinton famously said her…

Published: July 29, 2016 - 2:15 pm @ http://theshow.kjzz.org/content/342340/arizona-lea…

Home Defense Guns

5155763By Jason Wilson Home defense is one of the most common reasons for buying a gun. Home invasions are rare, but if you do become the vict…

Published: July 29, 2016 - 2:08 pm @ http://dailycaller.com/2016/07/29/home-defense-guns/

What does the solar system sound like?

“In space, no one can hear you scream” was the tagline of the 1979 box office film success Alien. And it’s true. Sound waves propagate mechani…

Published: July 29, 2016 - 2:09 pm @ http://www.pri.org/stories/2016-07-29/what-does-so…

Arizona Cardinals Training Camp 2016: Bruce Arians' 5 best quotes from Friday

GLENDALE - If you've seen the Arizona Cardinals' "All or Nothing" Amazon documentary, you're well aware of how colorful a character coach Bruc…

Published: July 29, 2016 - 2:10 pm @ http://www.abc15.com/sports/sports-blogs-local/ari…

Phoenix PD: Parents force 6-year-old to stand outside barefoot causing severe burns

PHOENIX - Court records show that a 6-year-old boy was severely burned on his feet and had multiple bruises on his body after being punished b…

Published: July 29, 2016 - 1:45 pm @ http://www.abc15.com/news/crime/phoenix-pd-parents…

Chicago Pizzeria, Gino's East, to Open First Arizona Location in Arcadia Later This Year

Lauren Saria A A Less than three months after famed Chicago pizzeria Lou Malnati's opened the doors to its first Arizona restaurant, another C…

Published: July 29, 2016 - 1:39 pm @ http://www.phoenixnewtimes.com/restaurants/chicago…

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…