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Retirement Planning

Retirement directions

Retirement may seem like a daunting task. Many people find themselves asking “where should I start?” Follow these steps to help figure out how to retire.

The segment of the U.S. population that hasn't saved anything for retirement isn't generations X, Y, or Z. The truth is, younger generations are actually doing a better job at saving for retirement than the baby boomers. That is to say that the younger population is at least putting something aside for retirement.

A shocking survey released by the financial research firm,, revealed that not only is the baby boomer generation not saving enough, but that 26 percent of Americans who are age 50 to age 64 have nothing saved for retirement.1

If you're a younger baby boomer that hasn't been able to contribute and feels woefully unprepared for retirement, there are steps you can take to help you get started. Remember, you have to begin somewhere and sometime, so why not start here and now? Here are some tips:

Budget, budget, budget.

You can balk all you want about creating a budget, but nothing is better at helping you “find” money to set aside for retirement. The simple fact of knowing how much is coming in and how much is going out can show you where to make cutbacks that could allow you to save more.

Live below your limits.

Look at your lifestyle. Are there things you can live without that will help you save? For example, many Americans are enjoying “staycations” in lieu of jetting off somewhere else, cooking meals instead of eating out every weekend, and trading in theater tickets for movie night at home. Getting back to basics isn't just a way to save, but to unplug and relieve stress.

Take advantage of employer matching.

If your company offers a 401(k) plan, ask about matching contributions. This is where your employer matches all or part of what you contribute to your 401(k) account. This can be a certain dollar amount or percentage. Start by finding out how much your employer will match and try to save at least enough to get the full match. Not taking advantage of this benefit is like walking away from “free money.” If you've been struggling to save, a 401(k) with employer match could be a great way to improve your retirement security.

Regardless of your current age or when you think you'd like to retire, the best investment you can make is to establish a plan and start saving today.


1., 2014 National Poll & Financial Security Index



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