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What should you be doing to save
for your retirement, in your _____?
20’s
Recommended you set aside 15% of your salary for retirement.
Contribute to your company’s retirement plan if one is offered. As your salary increases,
ramp up percentage of income contribution. The benefits for savers in their 20s
are huge.
30’s
It’s time to increase percentage
of income contribution to company’s 401k or similar retirement plan. You still
have a long time to let your money compound and grow prior to your retirement.
Consider funding an IRA account.
40’s
You should be nearing your peak
earning years. Strive to max out your
contributions to your 401k. This is when college also creeps up on those of us
with kids consider to save for your retirement instead of saving for
college. There are other ways to pay for
college, including having your children pay a portion. There are no second
chances on saving for retirement.
50’s
This is our peak earning years,
you should still strive to max out your contributions in 401k or similar
retirement plan. Ideally, you are doing other saving
and investing for retirement. Focus on funding your retirement rather
than paying for your kids’ college tuition. You might need to care for aging
parents. Take a serious look at your retirement plan, if behind consider cutting
spending or plan on working a bit longer.
60’s
If you are behind, it is not too
late to salvage your retirement, even into your 60s, might require working a
bit longer or even part time into your retirement. Not the time cut back on
contributions to your retirement plans.
It’s important to carefully time when you claim Social Security
Retirement Impact on Families
The growing population of older
people and the impact on their families. Defining the Generations.
Topic
Questions for Follow-up and Review
1. Why
most Baby Boomers will not be able to retire, unless…?
2. How much do Baby Boomers
have saved for retirement?
3. How
much should they have saved?
4. What is a more
disturbing fact than the savings shortfall?
5. How can you build an
Emergency Fund?
6. How much should you
save for an Emergency Fund?
7. What does it take to be
prepared for retirement?
8. Why you should be
investing in your retirement plan?
THINGS
TO REMEMBER – STEP 1
ü Face Your Fears
ü Embrace New Truths
ü Create Your Financial Action Plan
Some Topic Sources
United States Census Bureau
Pew Research Center
National Financial Educators
Council (NFEC)
Center for a Secure Retirement
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Financial
Literacy Action Network
Brandy
Speer, Executive Director
1.760.845.5550
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