National Retirement Security Month (NRSM)

Americans face significant difficulties when it comes to ensuring retirement security and having enough money to last them through retirement. According to the latest CNBC Your Money survey conducted by SurveyMonkey, more than half (56 percent) of Americans agree they’re not on track to retire comfortably.

“It can be stressful to think you won’t be financially ready to retire when you’re emotionally or physically ready,” said Rafe Klein, Senior Vice President of Investments at David Lerner Associates, Inc.

National Retirement Security Month (NRSM) is a nationwide initiative dedicated to championing the advantages of saving for retirement and inspiring Americans to embrace this endeavor via various avenues, including employer-sponsored retirement plans and personal retirement savings strategies.

It’s an annual opportunity to not only reflect on your retirement goals but also a time to evaluate if you are on track to meet those goals.

When is National Retirement Security Month 2023

National Retirement Security Month (NRSM) is observed annually throughout October. This month-long celebration serves as a reminder of the importance of securing one’s financial future and retirement.

History of National Retirement Security Month

The inception of National Retirement Security Month can be traced back to a growing need for financial education and retirement planning in the United States.

Senators Gordon Kent Conrad (D-ND) and Smith (R-OR) jointly introduced the inaugural resolution that established National Save for Retirement Week. Their objective was to heighten public awareness regarding retirement savings and motivate employees to actively save and engage in their employer-sponsored retirement plans.

NRSW was officially designated by the U.S. Congress in 2006 to raise awareness about the significance of retirement planning and encourage individuals to take proactive steps toward fortifying their financial future.

As life expectancy increased, retirement transformed into a longer and more dynamic phase of life. In 2020, NAGDCA revised its legislative priority to endorse the expansion of National Retirement Security Week from a one-week event to a more comprehensive initiative.

Who Gets Involved in National Retirement Security Month?

National Retirement Security Month is a collaborative effort that brings together various stakeholders, including:

• Financial Advisors and Planners – Professionals in the financial industry play a crucial role in educating individuals about retirement planning, investment strategies, and risk management.
• Employers – Companies often use NRSM as an opportunity to promote workplace retirement plans, such as 401(k)s, and offer educational resources to their employees.
• Government Agencies – Federal and state government agencies, such as the Department of Labor and Social Security Administration, actively engage in NRSM by providing valuable information and resources to the public.
• Nonprofit Organizations – Numerous nonprofit organizations, including AARP and the American Retirement Association, contribute to NRSM by organizing events, webinars, and educational campaigns.
• Educational Institutions – Schools and universities may incorporate retirement planning into their curriculum and host workshops to prepare students for their financial future.
• Media and Community Groups – Media outlets often feature stories and articles related to retirement planning during NRSM. Local community groups may organize events to raise awareness.

National Retirement Security Month Participation Ideas

Participating in National Retirement Security Month offers an opportunity to take control of your financial future and help others do the same.

Here are some ideas for getting involved:

1. Educational Workshops: Host workshops or webinars on topics like retirement savings, investment strategies, and retirement income planning.
2. Financial Literacy Initiatives: Collaborate with local schools or community centers to offer financial literacy programs that emphasize retirement planning.
3. Employer Engagement: Encourage your workplace to provide retirement planning resources and encourage employees to participate in retirement savings plans.
4. Individual Retirement Reviews: Schedule a retirement review with a financial advisor to evaluate your retirement goals and develop a personalized plan. A well-thought-out strategy can help you meet your retirement goals.
5. Social Media Campaigns: Use different social media platforms to share retirement tips, success stories, and resources throughout NRSM. Remember to use the hashtag #NRSM23 so NAGDCA can retweet and share your campaigns.
6. Community Outreach: Volunteer with organizations that promote financial literacy and retirement security in your community.
7. Family Conversations: Initiate discussions about retirement planning with family members, emphasizing the importance of early preparation.
8. Retirement Savings Challenges: Challenge yourself and others to boost retirement savings during NRSM. Investing consistently over the long term and growing your contribution amount annually may help increase your retirement savings.

Conclusion

NRSM was established to address the challenges associated with retirement security and to empower Americans to make informed decisions about their financial well-being during retirement.

National Retirement Security Month is a time to reflect on the importance of financial preparedness for retirement. By actively participating in this observance, you can take meaningful steps toward securing your financial future and helping others do the same.

Remember, retirement planning is a journey, and NRSM is an excellent starting point for that journey. Use the present time to plan for your financial future!

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Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.