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

He's a skydiver working with a net _ but no parachute

SIMI VALLEY, Calif. (AP) — He's made 18,000 parachute jumps, helped train some of the world's most elite skydivers, done some of the stunts fo…

Published: July 29, 2016 - 7:05 am @ http://bigstory.ap.org/8ce7c36572e54aaabb2c9560336d48f8

a world of difference

Peter Bergen says Hillary Clinton drew a sharp contrast to Donald Trump in her convention acceptance speech He examines her record and finds a…

Published: July 29, 2016 - 6:06 am @ http://www.cnn.com/2016/07/29/opinions/clinton-con…

The next president will likely appoint 4 Supreme Court justices: Who do you want picking them?

Topics: AlterNet, Antonin Scalia, Citizens United, Elections 2016, hillary clintons, SCOTUS, Supreme Court, Elections News, Politics News This…

Published: July 29, 2016 - 6:06 am @ http://www.salon.com/2016/07/29/the_next_president…

Press Play on Mart Rovereto’s Robert Morris Retrospective

Mart Rovereto is currently showing a retrospective of the film and video work of American sculptor and conceptual artist Robert Morris, which …

Published: July 29, 2016 - 4:03 am @ http://uk.blouinartinfo.com/news/story/1469285/pre…

A musical tour of Europe’s great cities: Venice

Once again thanks for your suggestions for our post-Brexit referendum grand musical tour of Europe’s great cities, which this week reaches Ven…

Published: July 29, 2016 - 4:04 am @ https://www.theguardian.com/music/2016/jul/29/a-mu…

How my adopted daughter made peace with the outdoors

Info Before you can adopt a child from Oregon’s Department of Human Services, social workers ask you to spend several half-days together. The …

Published: July 29, 2016 - 3:33 am @ http://www.hcn.org/articles/how-my-adopted-daughte…

DPS: Man killed after vehicle flips off I-17 in north Phoenix

PHOENIX - Officials are investigating after a man was killed when his vehicle flipped off Interstate 17 Thursday evening in north Phoenix. A D…

Published: July 29, 2016 - 1:04 am @ http://www.abc15.com/news/region-phoenix-metro/nor…

Megamerger-happy investors bid up AZ shares on speculation that Novartis might try a takeover

Would AstraZeneca really find itself contending with another megamerger offer, this time from Novartis? That’s the speculation on the street, …

Published: July 29, 2016 - 12:33 am @ http://www.fiercepharma.com/pharma/megamerger-happ…

Firefighters called to rescue man in White Tanks after leg impaled by stick

BUCKEYE, AZ - Firefighters from several departments are working to help a man who suffered a leg injury while hiking in the White Tanks mounta…

Published: July 28, 2016 - 10:30 pm @ http://www.abc15.com/news/region-west-valley/bucke…

Phoenix charter bus company testing out Pokemon hunting tours

PHOENIX - File this in the "Why-did-I-not-think-of-this?" bin... An Arizona charter bus company is looking to help you on your journey to beco…

Published: July 28, 2016 - 9:06 pm @ http://www.abc15.com/entertainment/events/phoenix-…

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…