Happy National Save for Retirement Week! Whether you haven’t started saving for retirement or you have a great plan in place, everyone can participate in this week; maybe you finally start that personal budget or you take some time to evaluate your current plan. It’s not the most glamorous time of the year, but certainly one of the most important. In fact, it’s so essential that it gets a whole week. What does your retirement savings plan look like?
For most of the country, successfully saving for retirement has been difficult. In a recent resolution passed by the Senate, Congress released data that pointed toward an alarming pattern of retirement saving for Americans. They revealed that only 3/5 of workers or their spouses are saving for retirement, and the amount saved is not enough to necessarily retire with their desired lifestyle.
Financial literacy is the first step towards a financially sound retirement plan. According to Congress, “All workers… can benefit from developing personal budgets and financial plans that include retirement savings strategies.” No matter what stage in life, retirement should be on your mind.
What are your next steps? There are several resources available to get you started. Retirement Calculators and a Savings Tips page on the ACCC website can help you estimate your saving needs. There are also resources on Legal Documents and Medical Insurance. If you are struggling to get out of debt, ACCC offers financial counseling.
Every October, you can use National Save for Retirement Week to review your savings plan, make adjustments and encourage friends and family toward saving for their own retirement.
Participate in this month’s poll question: What is your budget for the holiday season?