National Save For Retirement Week

National Save For Retirement Week

On Sept. 11, 2013, Senate Resolution 222 passed, designating Oct. 20-26 as the 2013 National Save for Retirement Week. The goals for National Save for Retirement Week include making people more aware of how critical it is to save now for their financial future; promote the benefits of getting started saving for retirement today; and to encourage people to take full advantage of their employer-sponsored plans by increasing their contributions.

In recognition of National Save for Retirement Week, please take time to evaluate whether you will have enough saved when you retire to live comfortably. Your retirement nest egg should include savings for day-to-day living expenses, debts, health-related costs, gifts to charities and loved ones, and recreation. If you haven’t recently reviewed your portfolio and current savings plan, do so today! Even if you are currently contributing to an employer’s saving plan, regular reevaluation taking into account changes over the past year may make a difference in your savings.

For example, if you’ve received a raise and haven’t done so already, consider increasing your 401(k) contribution or having your employer direct deposit the extra into your investment account for IRA contributions. Same is true of any bonuses, tax refunds or other windfalls. Choose saving or paying down debt over consumption.

Take advantage of this officially endorsed-by-Congress awareness week to review your retirement savings and your overall financial situation. If you have already reviewed your retirement savings plan recently, then use this week to help spread awareness to friends and family members – especially younger generations. If any member of your family hasn’t started saving; share with them the importance of beginning now.

Your financial adviser would be glad to discuss retirement savings in detail with you and your family. Call them today to set up an appointment to review your plan, or for more information on how you or a loved one can work toward a better future tomorrow by planning and saving today.

FINANCIAL FACTS

Top Shelf – The top 5 percent of U.S. households received 22.3 percent of all income reported in 2012. Income of at least $191,200 was required to be ranked in the top 5 percent of high-income households last year (source: Census Bureau, BTN Research).  

Work For The Government – The number of federal government workers has decreased by 380,000 over the past 25 years (i.e., Aug. 31, 1988, to Aug. 31, 2013), but the number of state and local workers (excluding teachers) has increased by 3.9 million over the same period (source: Department of Labor, BTN Research). 

Stayin’ Alive – Total health care spending in the U.S. (i.e., total spending from all sources both government or public and private) is expected to be $2.9 trillion in 2013. That total is forecasted to climb 72 percent over the next nine years (2022) to $5 trillion (source: Centers for Medicare and Medicaid Services, BTN Research).