Is retirement on the horizon? Worried that you don’t have enough money saved? You have company. According to a Gallup survey, more than 50 percent of Americans are worried about not having enough money for retirement. In fact, retirement is Americans’ top financial concern.1
Those concerns may be justified, especially for baby boomers. Research from the Transamerica Center for Retirement Studies found that baby boomers have a median retirement savings balance of $147,000.2 That may be a sizable amount of money, but it’s unlikely to be enough to fund a long retirement.
The good news is that you can still get your retirement back on track, but you may need to act quickly. If you don’t have a catch-up plan in place, now is the time to develop and implement one. A financial professional can help you create your strategy.
Saving for retirement is a difficult task for most Americans. You probably have pressing financial concerns that feel more urgent than saving for the future. For example, you may be struggling with debt or paying for your child’s education.
You may feel like you have plenty of time to save, but the truth is that the earlier you start saving, the easier it will be to hit your objectives. Time is a valuable asset when it comes to retirement planning. If you start saving early, you give your assets plenty of time to grow and compound, which could help you accumulate more money.
Below are a few tips to help you boost your retirement savings. If you haven’t started yet, or if you feel like you’re behind, now is the time to take action and increase your savings. A financial professional can help you create a plan.
Did you just turn 50? Or are you within 10 to 15 years of retirement? If so, you may already be dreaming about your future life after you leave the working world. While it may be easy to plan vacations and think about your free time after you retire, this is also a good time to implement the final steps in your financial planning.
Below are a few action items to consider as you approach retirement. If you haven’t developed a retirement strategy, now may be the time to do so. A financial professional can help you fill the gaps in your planning so you can enter retirement with confidence.
Are you approaching retirement and worried that you’re behind on your savings? You have company. A recent report from the Insured Retirement Institute found that 40 percent of baby boomers have no retirement savings. Nearly 70 percent have no pension or defined benefit plan. And almost 60 percent have less than $250,000 in retirement savings.1
Saving for retirement is always a challenge. You have other expenses and financial needs that may seem more pressing. You may be struggling with debt, or you could be paying for your child’s education. You may feel that those items are more important than retirement.
If you’re approaching retirement, however, you may not have much time left to save. Now may be your last, best opportunity to take action and close your savings gap. Below are three tips to help you get started. You also may want to meet with a financial professional to help you develop and implement a catch-up plan.
Carstens Financial Group focuses on providing comprehensive asset management, estate planning and life insurance solutions. Allow us to help you secure your financial future.