A goal of nearly every American is to save money. But it’s a lot harder than it looks. Many families handle various financial responsibilities, such as a mortgage to a house, a payment to a car and the needs of a child or children. Saving money requires time, patience and good financial advice. When retirement age rolls around, many aren’t aptly prepared to leave their job just yet.
In fact, research shows that nearly 80 percent of Americans are not financially ready to retire. In those studies, research has shown that average workers need more than 10 times their final pay in order to adequately meet their financial needs through retirement.
Since the market can change quickly, it’s essential for workers to examine their long-term savings plan. What must be determined is thusly:
* Don’t take drastic measures if your savings portfolio is down. The market fluctuates, so it’s important to keep contributions steady to eliminate a drop-off in savings.
* Understanding strategies for saving money is key, so it’s critical you contact someone with more information. Don’t hesitate to call a Gunn Mowery representative. We have a Financial Services department that can help you determine your needs with Life Insurance, Disability Insurance, Estate Planning and Annuities.
If the market is in a down period, avoid overreacting. Be aware of the overall market to determine what the trends are showing. Examine your defined contribution account, making sure to compare the years when it was up and the years when it was down. Although setbacks in the market may create a temporary disadvantage, they won’t necessarily have an impact on long-term savings. Employees are often able to make up for setbacks by contributing to their plans regularly.
To make up for setbacks or to plan on avoiding them, it’s best to consider the following suggestions:
* Save more money
Easier said than done, but many employees don’t contribute enough to their specific defined contribution plan. If this is the case, you won’t receive the full matched contribution by your employer. Employees that do ensure their contributions match or increase over time will typically see dramatic improvements. But since every situation is different, make sure to speak with a Gunn Mowery representative to determine what adjustments must be made.
* Retire at a later age
The fact is, delaying retirement by at least two years may help you compensate for any shortfalls in your savings plan. There is optimism with this plan, however. With life expectancy rising, many employees are seeing the benefit of continued service in their profession. Veteran, savvy business experience holds high value in today’s business industries.
* Find expert help
A large percentage of companies today are offering investment strategies for their employees. Take advantage of this opportunity. Using this to your benefit can eliminate the possibility of a financial setback down the road.
Remember to take action in order to determine your savings future. While it’s best to start at a young age, you may be able to overcome a late start by a strong commitment to your specific contribution schedule. Make sure to take necessary steps to ensure that retirement income will be sufficient. Talk with a qualified Gunn Mowery representative to discuss all available options.
Contact Gunn-Mowery today at (800) 840-1243 or e-mail us at firstname.lastname@example.org to learn more about retirement planning. Become our Facebook fan at Facebook.com/GunnMowery. To become a subscriber to our newsletter, click here.