Are you saving for retirement? Everyone knows that they should be putting away a little cash each month for their golden years—but according to a recent survey by Bankrate.com, 41 percent of Americans are saving five percent or less of their annual income. A whopping 21 percent of Americans are saving nothing at all, seriously jeopardizing their quality of life after they retire.
We get it—if saving money for retirement were easy, everyone would do it. Use these three quick tips to make saving a little less stressful.
Take advantage of your employer’s 401(k) match program. Many employers offer 401(k) match programs that double the amount of money their employees contribute to their retirement savings. It works like this—your employer may offer to match your contributions up to a certain percentage each year. For example, if you contribute three percent of your income to your 401(k), your employer will also contribute three percent of your salary from their own funds. 401(k) match programs are essentially a source of free money for retirement—so talk to your manager or HR leader today and ask if your workplace offers this easy perk.
Make automatic contributions. Most 401(k) and IRA providers allow you to set up automatic month-to-month account contributions. Sign up for automatic contributions on one of your monthly paydays. If saving is automated and you don’t see the money in your account, you’ll be less likely to spend it before you can put it away.
Talk to a financial planner. Totally lost when it comes to retirement planning? The Bachmann-Zeitlin Insurance Agency provides personalized retirement planning in Chester County that can get you on the right road to saving.
From business insurance to retirement planning to life insurance in Newtown, The Bachmann-Zeitlin Insurance Agency is here to help you protect the things that are important to you. Give our team a call today to learn more and get started!