Avoid common retirement savings mistakes and gain information about how to amp up savings plan for life after work.
Most American workers take part in a work place sponsored retirement plan. However, many do not participate in the “company match” where the employer offers to match a certain amount or percentage to an employee’s savings. It’s safe to say that small to mid-sized businesses may not even offer a company match any more. But for those that do, employees should take advantage of it and sock away as much as possible.
Inflation continually rises every year. It takes twice the amount of money today to buy the same goods as before. Even groceries are more expensive. The amount of money we will need when we retire is greater than we anticipated.
The best advice Enterprises TV has read is to wait until age 70 to claim Social Security benefits. The monthly benefit is less if claimed at age 60, 62 and 66 (full benefit age). Keep working as long as possible to receive a bigger benefit.
Talk to a respected financial advisor about how to best optimize stocks and bonds in retirement portfolios. A good balance is needed to ensure a decent payout later.
If leaving a job for a new one, roll over the retirement savings account to the new one. If there isn’t a retirement plan that is suitable, keep the old one and add to it via automatic deposits every month.
Finally, review the documentation that comes in the mail regarding retirement accounts. Look for fees charges to administer the plan and for any other related fee that might be lowering the amount you could be getting.
Be aware. Be smart. Keep bulking up retirement accounts. We are going to need every cent in them.