This Holiday Season, Think About Your Own Future!
The holidays are a very busy season for most people. Not everyone’s holiday looks the same – but for most people, it means shopping, cooking, cleaning, and lots of gatherings with friends and family. With so much to do, the last thing on your mind is retirement. Unless, of course, you are thinking “boy I wish I was retired on a beach somewhere” because you are exhausted from all of the fun of the holidays.
But talking and thinking about retirement and how you get to a place where you will have a comfortable financial future is a very real and very serious thing. And although this may not feel like the right time of year to think about it, for many, the end of the year is open enrollment – the time to really look at and step up your retirement game.
Ideally, we would all start saving for our retirement in our 20’s, when we first leave school and begin earning enough of a paycheck that savings might even be a possibility. Because, of course, the sooner you begin saving, the more time your money has to grow. But if we are talking reality – how many of us actually make that happen?
I know for our family medical bills always seem to deplete the money we have set aside in our rainy day fund. It is more important than ever to take control of our retirement savings while we have time to still save. I will also encourage my daughter as soon as she is old enough to start saving because the sooner you can start saving the better. However, for those that haven’t,there is still time to put money aside and secure your financial future.
It’s not surprising that our family is one of many doing this financial juggling act. Many Americans have almost no retirements savings, nearly half in fact! But it’s not too late to get started!
Taking steps to take control of your retirement planning could have a positive impact in many areas of your life. According to a recent survey from AARP and the Ad Council, more than half of people in their 40s and 50s say that feeling more confident about saving for retirement would help them feel less stressed (54%). And 46% would be happier knowing they are taking care of their family’s future. I know I feel better after chatting with Avo at AceYourRetirement.org.
Here are a few tips to consider to help you maximize your retirement savings:
- While gathered with your family for the holidays, discuss your savings plans and long-term retirement goals, and what you can do today to achieve them. It’s important for everyone in the family to be on the same page about your financial goals and priorities.
- Start planning now what age you plan to retire and when you plan to start taking your Social Security benefits. Earning a few more years of income could really help you grow your nest egg, and delaying when you start collecting Social Security increases your annual benefit.
- If your employer offers matching funds for your retirement savings plan, make sure you’re contributing at least enough to get the full employer match.
- Brainstorm ideas for earning money in retirement, such as turning a hobby into a source of income, or taking on seasonal part-time work
- Visit AceYourRetirement.org to get your personalized action plan in just three minutes. Your digital retirement coach, Avo℠, will reveal the top three simple, practical things you can do right now to make sure your retirement plan is on track.
We work hard for our kids and our family – and now we are working hard for our own future as well. What will you be doing to help ensure your own future?