Smart Saving
As I get older, my future and my financial security are on my mind more and more. Time and time again I hear that retirement will come sooner than I think. I’m constantly reminded to enjoy and take advantage of my youth, but to get in the habit of preparing for “the future.” Saving sometimes gets forgotten as I struggle to manage my finances day-to-day. Despite the challenges, I know it’s important to save for retirement — even if it’s not easy to part with those extra dollars.For the average American worker, Social Security will replace about 40 percent of his or her pre-retirement earnings. Financial experts say that you will probably need at least 70 percent of your annual working income when you retire to enjoy a comfortable lifestyle. The remaining 30 percent will need to come from private pension plans, savings or investments. 
America Saves Week takes place February 24 to March 2. . The campaign was designed to help individuals and families save and build wealth. America Saves is a nationwide campaign involving a broad coalition of more than 1,000 nonprofit, corporate, and government agencies, groups and organizations. America Saves helps people by providing information, advice and encouragement on saving for important things like a home, education and retirement. For more information visit www.americasavesweek.org
Every year, about two to three months before your birthday, workers 25 and older receive a Social Security Statement in the mail. The Statement gives you an estimate, based on current earnings, of what you might expect in Social Security retirement benefits. And by using the Social Security Administration’s online Retirement Planner, you can personalize financial scenarios to determine what your individual retirement plan should look like. Visit the Retirement Planner at www.socialsecurity.gov/retire2.
If you enjoyed this post, please consider leaving a comment or subscribe to the feed and get future articles delivered to your feed reader or email.
Subscribe to RSS
those statements are so depressing…and I have been working for 20 years already!