About one-third of Americans lack confidence in their financial preparations for retirement. According to a consumer survey conducted by the Ohio Credit Union League, 56 percent of Ohio respondents said they plan on working in some capacity even after they retire from their primary position of employment.
Almost half of Americans aged 55-64 have no retirement savings whatsoever, according to the Retirement Equity Lab at Schwartz Center for Economic Policy Analysis, and those who have some savings do not have enough to sustain them in retirement. The U.S. Department of Labor says fewer than half of Americans have actually calculated how much they need to save for retirement.
So, what can you do to better plan for retirement?
- Do the math ahead of time – Calculate the estimated cost of retirement so you can set goals early and create a financial plan that will allow you to reach them. Use the following link to start your research. http://money.cnn.com/calculator/retirement/retirement-need/
- Start young – It’s never too early to start saving for retirement. The earlier you save, the easier the road to retirement will be.
- Put the house first – Make paying off your mortgage loan a top priority. Not having the expense of a house payment makes retirement much easier, and more fun.
- Don’t miss free money – Make sure you’re not missing out on matching retirement contributions your employer might provide. Many employers include a matching retirement program contribution up to a certain level.
- Check with a credit union – Credit union members benefit from fewer fees, lower interest rates on loans, and higher returns on savings. Most credit unions also offer Individual Retirement Accounts and retirement planning tools to make preparing for retirement easy.
To learn more about how a Buckeye can help you with your retirement goals, contact your local branch!