Time to observe ‘Save for Retirement Week’ - Ahwatukee Foothills News: Money

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

Time to observe ‘Save for Retirement Week’

Print
Font Size:
Default font size
Larger font size

Related Stories

Posted: Sunday, October 21, 2012 11:00 am

Oct. 21-27 is National Save for Retirement Week, established by Congress to remind Americans of the importance of — you guessed it — saving for retirement. So why not mark the occasion by considering ways in which you can boost your own financial resources for those years in which you’re officially a “retiree”?

If you’re somewhat concerned about your financial prospects during retirement, you’re not alone. Check out a few of the findings from the Employee Benefit Research Institute’s 2012 Retirement Confidence Survey:

• Just 14 percent of workers are very confident they will have enough money to live comfortably in retirement.

• Sixty percent of workers report that the total value of their household’s savings and investment, excluding the value of their primary home and any defined benefit plans, is less than $25,000.

• More than half of workers report that they and/or their spouse have not tried to calculate how much money they will need to live comfortably in retirement. In these challenging economic times, it can be challenging to pay your living expenses and still have money left over to save for retirement. But you can take some steps to help your cause.

Here are a few to consider:

• Pay yourself first. Every time you get paid, move some money — even if it’s only a small amount — from your checking or savings account into an investment. Make it easier on yourself by having your bank move the money automatically.

• Boost your 401(k) contributions. Whenever you salary goes up, increase your 401(k) contributions. Your money can grow on a tax-deferred basis, which means it can accumulate faster than if it were placed in an investment on which you paid taxes every year.

• “Max out” on your IRA. Even if you have a 401(k), you’re probably still eligible to contribute to an IRA — and you should. A traditional IRA can grow tax deferred, while a Roth IRA’s earnings are tax-free, provided you’ve had your account at least five years and you don’t start taking withdrawals until you’re at least 59 1/2. For 2012, you can contribute up to $5,000 to your IRA, or $6,000 if you’re 50 or older.

• Control your debts. It’s never easy, but try to reduce your debts as much as possible. The less money you need to devote to debt payments, the more you can add to your investments.

• Build an emergency fund. Try to build an emergency fund containing six to 12 months’ worth of living expenses, kept in a liquid account. This fund can help you avoid dipping into your retirement accounts to help pay for unexpected costs, such as a big doctor’s bill, a new furnace or a costly car repairs.

• Create a retirement income strategy. It’s important to project your living expenses during retirement. Then, once you have at least a good estimate, you can create a long-term strategy — involving your investments, retirement accounts, Social Security benefits and all other financial resources — to help you achieve the retirement income you will need. To calculate these figures and develop such a strategy, you may want to work with a financial advisor.

National Save for Retirement Week will come and go quickly. But your retirement could last for decades — so do everything you can to prepare yourself.

 

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

More about

More about

More about

  • Discuss

For the Record's week in review: Trump's many hats

This week Donald Trump added some more people to his Cabinet (he’s now well over halfway done) and had a lot more meetings — more than 90 acco…

Published: December 10, 2016 - 4:58 am @ http://www.usatoday.com/story/news/politics/onpoli…

Botched Alabama execution reignites concerns over execution drugs

An execution in Alabama has reignited debate over the lethal injection procedure – even as some ask whether the inmate should have received th…

Published: December 10, 2016 - 3:40 am @ http://www.csmonitor.com/USA/2016/1209/Botched-Ala…

Chris Rock bringing 'Total Black Out' comedy tour to Phoenix for two shows

PHOENIX - It has been nine years since Chris Rock took his comedy show on the road. That stretch ended this week after the actor and comedian …

Published: December 10, 2016 - 2:37 am @ http://www.abc15.com/entertainment/events/chris-ro…

Saturday's TV Highlights and weekend talk: 'Mary Poppins' on ABC

Caribbean Pirate Gold This new series takes viewers along on a treasure hunt for 18th century buccaneer Calico Jack’s missing booty, imagined …

Published: December 10, 2016 - 1:39 am @ http://www.latimes.com/entertainment/tv/la-et-st-1…

Company took doctor to a club to boost fentanyl sales

To encourage a Florida doctor to write more prescriptions of the potent painkiller Subsys, executives of the drug’s maker invited him to compa…

Published: December 10, 2016 - 12:39 am @ https://www.statnews.com/2016/12/08/fentanyl-insys…

Finger Lakes track fears end to racing without deal

A $440 million Las Vegas-style casino is going to open Feb. 1 between Rochester and Syracuse with lots of glitter, the promise of 1,800 new jo…

Published: December 9, 2016 - 11:56 pm @ http://www.democratandchronicle.com/story/news/201…

Arizona politician claims he's been offered White House position on social media

PHOENIX — A state senator from Arizona claimed on social media last week that he has been offered a post in President-elect Donald Trump’s Whi…

Published: December 9, 2016 - 10:39 pm @ http://ktar.com/story/1385375/arizona-politician-b…

Main Street Minute: Food City hosting annual tamale festival

KTAR’s Main Street Minute focuses on local businesses that are hiring, opening and hosting events across the community. These stories air each…

Published: December 9, 2016 - 10:33 pm @ http://ktar.com/story/1384849/main-street-minute-f…

IRS Data: American Dream Evaporates, Amid Mass Immigration, Automation

SIGN UP FOR OUR NEWSLETTER Compared to people born in 1940, the “babies born in 1980 — today’s 36-year-olds — the index of the American dream …

Published: December 9, 2016 - 9:08 pm @ http://www.breitbart.com/big-government/2016/12/08…

Don't judge this Phoenix bilingual bookstore by just its cover

PHOENIX - A new bilingual bookstore in Phoenix is one-of-a-kind and filling a void in the community. Palabras Librería Bookstore, located alon…

Published: December 9, 2016 - 9:03 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…