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

Wearable Tech Catapulting Health and Fitness into the Future

Do you think your smartwatch, with its heart rate monitor, step counter, calorie tracker and message notifications, is impressive? You ain’t s…

Published: June 26, 2016 - 8:58 pm @ http://www.corespirit.com/wearable-technology-cata…

Brewer vs. O'Malley: Talk of racists and fascists

Former Govs. Martin O’Malley and Jan Brewer tussled on Sunday morning over Donald Trump’s rhetoric, with O’Malley ultimately telling Brewer: “…

Published: June 26, 2016 - 7:28 pm @ http://www.politico.com/story/2016/06/brewer-omall…

Phoenix fire responds after coaster gets stuck 60 to 70 feet in air at Castles N' Coasters

PHOENIX - The Phoenix Fire Department is on the scene trying to come up with a plan to rescue three people suspended dozens of feet in the air…

Published: June 26, 2016 - 7:00 pm @ http://www.abc15.com/news/region-phoenix-metro/cen…

Joanne Ostrow Among Denver Post Buyout Takers, Shrinkage Goal Not Met

Michael Roberts A A Irony alert: The Denver Post's internal communication about employees taking a buyout offer announced in April included a …

Published: June 26, 2016 - 6:56 pm @ http://www.westword.com/news/joanne-ostrow-among-d…

How Housing’s New Players Spiraled Into Banks’ Old Mistakes

The idea is that banks should follow an implicit social contract: In return for government loans and other support, they are expected to serve…

Published: June 26, 2016 - 6:39 pm @ http://www.nytimes.com/2016/06/27/business/dealboo…

Arizona Dem lawmaker opposes law to stop welfare fraud . . . gets indicted for welfare fraud!

Want more hot BPR News stories? Sign up for our morning blast HERE

Published: June 26, 2016 - 6:29 pm @ http://www.bizpacreview.com/2016/06/25/arizona-dem…

Analysis: Thousands of Republican donors avoid Donald Trump

WASHINGTON — Thousands of wealthy donors who helped fuel Republicans’ presidential ambitions in the last two election cycles have not donated …

Published: June 26, 2016 - 6:31 pm @ http://www.usatoday.com/story/news/politics/electi…

Arizona Diamondbacks set franchise record despite loss to Colorado Rockies

DENVER - Former Arizona Diamondback Mark Reynolds hit a two-run homer with two outs in the bottom of the ninth inning to give the Colorado Roc…

Published: June 26, 2016 - 6:28 pm @ http://www.abc15.com/sports/sports-blogs-local/ari…

GOP Senate campaigns ignore Trump visits

Two weeks into the general election, just one major Senate candidate from a swing state has dared appear onstage with his party’s presumptive …

Published: June 26, 2016 - 5:58 pm @ http://www.politico.com/story/2016/06/donald-trump…

U.S Attorney General Loretta Lynch to visit Phoenix Tuesday

PHOENIX - United States Attorney General Loretta Lynch will make a stop in Phoenix during a tour focused on community policing and law enforce…

Published: June 26, 2016 - 5:30 pm @ http://www.abc15.com/news/region-phoenix-metro/cen…

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…