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Oct. 21-27 National Save for Retirement Week

October 25, 2012
Estherville Daily News

Oct. 21-27 is National Save for Retirement Week, a time to remind ourselves, regardless of our ages, of the importance of saving for retirement to ensure our future as well as that of our children.

Senate Resolution 555, approved by the 112th Congress, in fact offers some excellent points for the need to save for retirement:

n People are living longer and the cost of retirement is increasingly significantly.

n Social Security remains the bedrock of retirement for most Americans, but was never intended by Congress as the sole source of retirement income for families.

n Less then 60 percent of workers or their spouses are currently saving for retirement and the actual amount of retirement savings of workers is much less than the amount needed to ade- quately fund their retirement years.

Yes, saving retirement requires sacrifice. It requires tightening our belts now to ensure that we have enough money to live after we retire.

In tough economic times particularly, many people have pared back on saving for retirement to just make ends meet.

But here are some options:

n If your employer has a 401K program, invest as much as you can afford. Risk options vary, from low to moderate, so choose the risk category with which you are most comfortable.

n If you're self-employed or your company doesn't offer a 401K, consider establishing an IRA, another excellent option. Your financial advisor can tell you which plan works best for you.

n Plan early. If you're just entering the workforce, now is the best time to start your strategy.

n To start even earlier, consider buying a whole-life insurance policy for your grandchild. Premiums are extremely low, and they can build cash value over time to help fund a college education.

n Save regularly. This is probably more important than putting away larger sums infrequently.

Whatever option you choose, don't make dying on the job your retirement strategy.

Just imagine what a mess that would make for your fellow employees to clean up.



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