Ten Strategic Retirement Savings Moves
January 5, 2021
74% of workers reported they plan to work during retirementWhy? They have little or no retirement savings, and many workers continue to be unaware of how much they need to save for retirement. Only 42% reported they’ve tried to calculate how much money they will need saved by the time they retire.
– 2011 Retirement Confidence Survey by Employee Benefit Research Institute
Each individual has different concerns about retirement - from wondering how soon they can retire, to worrying about making their savings last. Retirement planning shouldn’t be a guessing game, in these uncertain times you need to take advantage of every resource available to plan for a comfortable retirement and understand the necessary steps to take.
Ten Strategic Retirement Savings Moves
- Don’t wait to start saving
- Map out your goals
- Utilize employer-sponsored retirement plans, especially if there is a match
- Learn about tax-free and tax-deferred options
- Find a retirement expert you trust
- Figure out how long it will be until you retire and how much you must have to live comfortably in retirement
- Stop trying to outsmart the market
- Diversify your savings to get the right mix
- Prepare for the unexpected
- Define your legacy
- How much money do I need to retire?
- What should I do with my current investments when changing jobs or retiring?
- Will my savings last my entire lifetime?
- How should I diversify my savings?
- Should I start taking social security early or wait until later?
- What are the requirements for distributions?