Saving for Retirement in 2020

Planning for the Future | 06/12/20

“Retirement is wonderful if you have two essentials – much to live on and much to live for.”
– Author Unknown

Most of us want to plan for the best retirement possible — after all, we’ve worked hard to earn it. Of course, it’s difficult to plan for our thriving golden years when we don’t feel confident in our current savings plan. According to a recent Fidelity report, approximately one-third of baby boomers feel they won’t have enough in savings to maintain the lifestyle they want in retirement.

So how do you resolve this feeling? One of the best ways to get your investment confidence back is to increase your contributions. Below, we’ve outlined how to save for retirement so you can live the golden years you’ve dreamed about.

6 Ways to Save Money for Retirement

1. Start now. Begin adding more into your retirement fund as soon as possible. Even a small amount invested at a steady rate begins to compound interest. The more you can invest now, the more you’ll have further down the road.
2. Adjust your goal. If you didn’t have a goal before, now is the time to set one. The easiest way to decide on a goal is to figure out how much income you’ll need each month to live the life you want in retirement. Calculate your current expenses and possible later expenses, and then speak with a financial advisor to find the best goal for you.
3. Invest with you 401(k) and meet your employer’s match. Many companies now offer 401(k)s in their benefits. Find out if your employer offers one, and then make sure you’re investing the full amount to meet their match – an employer match is essentially “free money” to add to your savings.
4. Contribute to an IRA. When choosing an independent retirement account (IRA), you have two options: Traditional or Roth. Depending on your financial situation, one may be better than the other for you, so you’ll want to speak to a financial advisor if you’re unsure of your decision.
5. Make your savings automatic. Automating your savings creates peace of mind by directly adding a portion of your paycheck into savings without creating extra steps or budgeting on your end.
6. Delay Social Security if you can. Even delaying your Social Security for one year can help in the long run. Your monthly benefits increase each month you delay your Social Security before you reach 70, so deferring it for as long as you can has its benefits.

Discover Your Financial Options with The Atrium at Navesink Harbor

The sales counselors at The Atrium at Navesink harbor are here to assist you with choosing the best option for you. They’ll help you research and evaluate your goals, budget, preferences and anything else you’d like to discuss in a personal consultation. You’ll walk out of your consultation with a plan that suits your specific budget and goals.

If you’d like to find out more about financing your retirement, you can download our FREE guide, Protect Your Financial Future: Financing Your Retirement at Springpoint. You can also contact us at your convenience to speak with a sales counselor and learn how affordable a vibrant retirement in a senior living community can be.