October 25, 2019 – National Retirement Security Week, held this year from October 20-26th, is a national effort to raise public awareness about the importance of saving for retirement. The week provides an opportunity to reflect on your personal retirement needs and goals and to create steps to achieve those goals.
All week long, WISER has been providing resources and ideas to help you take action towards building a more financially secure future. Here is a recap of all the tips and tools.
Know your sources of income
The first step in planning for your financial future is to know what your sources of retirement income are now and in the future. WISER’s “Get Your Ducks in a Row” worksheet is a great place to start.
Calculate how much money you will need
An important step in planning is to figure out how much money you will need in retirement. There are lots of easy-to-use online tools to help you figure this out. Check out some of these retirement planning calculators. And remember, there is no perfect answer, but getting a best guess estimate gives you a starting point.
Get to know your Social Security benefit
Social Security is the foundation of retirement security for most people. It is important to know how it works and how you can maximize your benefit. Explore WISER’s Social Security resources to help you make the most of this important benefit and avoid costly mistakes. Also, check out WISER’s infographic to learn about key milestones for claiming both your Social Security and Medicare benefits. These are important pieces of the retirement planning puzzle for most Americans but understanding how these systems work can be confusing. Learn the basics!
Your Social Security statement is also a great retirement planning tool. Get benefit estimates and lots more information by signing up for your online Social Security Account.
Ready, set, save!
Saving today is the best way to help build your financial security for tomorrow. Saving for long-term goals like retirement is important, but don’t overlook the importance of building an emergency savings fund. This can help you weather life’s “OMG” moments and keep your overall financial goals on track. For lots of great tips, ideas and inspiration on ways to boost your savings, visit America Saves.
Invest and plan for the long haul
Investing is key to building long-term savings, but it can be confusing and intimidating. The good news is you don’t have to be a financial genius to make smart financial decisions. Good, basic information can go a long way in helping you understand the ins and outs of different investment options. Check out The Beginner’s Guide to Saving and Investing and “I’m Ready to Save, Now What?” The Basics of Saving and Investing to help you get started.
Need a little more help when it comes to retirement planning? Most of us do, and a financial advisor or planner can be a great partner in helping you to set financial goals and make a plan to keep you on track. But choosing a financial planner can be overwhelming. Read WISER’s Financial Planner Alert to help guide you through the process.
National Retirement Security Week is coming to an end but remember, you can use this information and take steps to build your financial security throughout the year. And don’t forget to share these resources with others! We can all use a little help on the road to retirement security.