Planning for retirement isn’t just about having money, it’s about having peace of mind. Just a few years ago, a landmark study was conducted with more than 6,000 Americans over the age of 45. The study aimed to get a large-scale understanding of our retirement concerns and questions and to find out what factors made it more likely for people to have “retirement peace of mind.” Our latest Resource of the Month compiles the results and explores what they mean for YOUR retirement. From asking pointed questions about your goals to giving you tangible tips to increase your peace of mind, this is a resource that will truly help everyone.
Download our April 2015 Resource of the Month.
One interesting note from the study is that people who worked with advisers were significantly more likely to have retirement peace of mind. The Robin S. Weingast & Associates team provides more than just valuable retirement planning advice and administration – we provide all of our clients with the peace of mind they need to both prepare for and enjoy their retirement. Contact us today to find out how we can help you.
Congratulations on making it through April and the ever-busy tax season! It’s hard to believe that 2015 is almost half over, but in a few months we’ll be talking year-end wrap ups and 2016 planning. Before the year gets away from us, the Robin Weingast & Associates team wants to focus on an important, time-sensitive topic that impacts everyone: timely retirement planning.
The general rule of thumb is that earlier is better when it comes to retirement planning. But that’s not always an easy rule to follow. Just last month, expert testimony to the US Senate’s Special Committee on Aging revealed that “nearly half (45%) of Americans have no retirement savings…[and] the median retirement-account balance is only $3,000 for working-age households and only $12,000 for households approaching retirement. In two-thirds of working households with earners between ages 55 and 64 years, at least one earner has saved less than one year’s income for retirement.”
If you suspect that you – or your employees – are unprepared for retirement, there are things you can take to get on track. Before you can properly plan, you need to understand where you actually stand. This is the most important step you can take, because it will determine what comes next for your retirement planning. Use this tool from the AARP; it compiles information about you, your spouse, and your current savings and projects what you will need for retirement and if you’re prepared.
Based on what you find out, it’s time to make some potentially tough decisions. Think about where you can trim expenses and how you can cut down on more significant costs – are you at the stage in life where you can downsize your home or apartment? If you need to make significant decreases to your monthly expenses, try using a tool like this, which walks through standard monthly expenses and gives you tips on how to cut costs. Also consider if you’re maximizing your earning potential. Are there part-time or freelance opportunities that can help you close the gap?
A key part of catching up is making sure you understand your current retirement plan and making sure you’re taking full advantage of what’s available to you. Whether you’re an employee who isn’t fully aware of what retirement benefits your company offers, or a manager who wants to make sure your team understands the full details of a retirement plan, it’s wise to keep the lines of communication open. Schedule regular meetings with HR to make sure that you’re making the most beneficial choices.
Having a team always helps. You can count on the Robin S. Weingast & Associates team for the most effective retirement planning strategies at any stage. Contact us today to see how we can help achieve your goals.