National Retirement Security Week: Top 5 ways to save
National Retirement Security Week is held annually during the third week of October, this year falling on October 16 to 22. A week dedicated to raising awareness and helping individuals to take the next steps toward a secure retirement, it also encourages employees to speak to a retirement plan expert and act on their individual retirement plans. Finding healthcare coverage that best meets medical and financial needs is a large piece of the retirement puzzle, and access to Via Benefits can help your retirees put the puzzle pieces together.
While 60% of Americans say they have a practical comprehension of how their retirement channels operate, nearly 30% say they don’t fully understand how theirs’ work (1). The 2022 retirement readiness survey shows that 70% of retirees would advise their younger selves to start saving sooner (2).
Tips for saving for retirement:
Automate your savings.
Have your contributions deducted automatically from your paychecks to ensure that you’re setting aside savings for retirement.
Meet your company match.
Make the most of your savings if your company offers to match your retirement contributions up to a certain percentage.
Contribute more as you get older.
Increase your contributions as you get older. If you get a raise, pay off a debt or experience other positive financial events, set that money aside for retirement savings.
Diversify your retirement sources.
Add a tax advantaged retirement account, such as a Roth IRA or a health savings account (HSA), to help some of your savings grow.
Be mindful and purposeful with your savings.
While it may be easy to put saving for retirement on the back burner, it is important to utilize a proper savings plan to allow for a comfortable and secure life in retirement. It’s never too late to start saving!
Sources:
(1) Ubiquity Retirement + Savings survey, https://www.myubiquity.com/
(2) Bridget Bearden, Ph.D, “Retiree Reflections”, Employee Benefit Research Institute, June 16, 2022, https://www.ebri.org/docs/default-source/ebri-issue-brief/ebri_ib_561_retrefl-16june22.pdf