Tag Archive | "how much money do you need to retire"

Increase Your Retirement Savings

The secret to a financially secure retirement is simple: save enough money. But, as with most truisms, it’s much easier said than done. What’s a hard-working American to do? Here are some tips to help you increase your retirement savings.

Plan to work longer to help increase your retirement savings.

Increase your retirement savings

All of the following suggestions are much like “save enough money” — simple to understand, but sometimes very hard to do. If you’re successful however, you’ll have gone a long way toward ensuring a financially secure retirement.

  1. Make retirement saving a priority. If you want to increase the chances that you will stick to any course of action, you need to make it a priority.
  2. Figure out how much you need to save. According to the Employee Benefit Research Institute, more than half of Americans haven’t even calculated how much money they need to save for a comfortable retirement.
  3. Look at your current expenses. Now that you know how much money you should be putting toward retirement, it’s time to find that money…. Honestly look at where your money is going. Look for the waste. Stop spending money on things you don’t need (and probably don’t want), and put that money toward your retirement.
  4. Find ways to make more money. After cutting expenses, you still might not be hitting your mark. If this is the case, look for ways to make more money.
  5. Increase your automatic investment. Your best option for making sure that your retirement contributions increase is to automate your efforts.

And, one of my favorites:

Postpone retirement, or don’t retire at all (at least not in the conventional sense). Stay active. Find a part-time — or even a full-time — job doing something you really enjoy. Remember, you’re not working to replace your full-employment income, but to supplement your retirement savings.

Increase your retirement savings now and plan to supplement those savings after you “retire” and you’ll make that money go a lot further.

Click here to learn more about how you can increase your retirement savings.

Posted in Creating a Personalized Retirement Plan, Planning for Your Retirement, Retirement Plan Challenges, Saving for RetirementComments (0)

Make Better Plans for Retirement

The week of October 25 was National Save for Retirement Week. Did you hear anything about it? I didn’t. Be that as it may, the upshot is that Americans are not financially prepared and we need to make better plans for retirement.

This [is] an educational campaign to raise public awareness about the importance of long-term retirement planning. The program, created by bipartisan congressional action, encourages Americans to utilize retirement savings and investment plan strategies. The week also encourages individuals to reflect on their current financial situations and their potential for a secure retirement.

Make better plans for retirement

There are no hard-and-fast rules we can follow to provide for a secure retirement, but here are some thoughts on the process and how things look for Americans.

1. How much money do we need to retire? There’s no real rule of thumb.

2. Half of Americans aren’t saving for retirement.

3. 80 is the new retirement age?

4. The majority of middle-class Americans aren’t confident about the stock market.

5. Women are less engaged in retirement planning.

6. More Americans have tapped retirement funds.

8. Forty percent of Americans fear lack of retirement funds.

No matter how you parse the data, a secure retirement for most Americans is becoming the new American Dream and many of us will never achieve it. The only way to do it is to make better plans for retirement.

Click here to watch a short video clip and read more about how to make better plans for retirement.

Posted in Creating a Personalized Retirement Plan, Planning for Your Retirement, Retirement Plan ChallengesComments (0)

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