National Retirement Security Week 2024
Successful retirement planning requires thoughtful preparation and consistent effort throughout your working years. A recent AARP survey found that among adults who regularly save for retirement, only 36 percent believe they will have enough money to achieve retirement security if they keep saving if they keep saving at their current rate. Meanwhile, 33 percent think they will need more (up from 29 percent in January 2023), and 31 percent are unsure. This rise in doubt is particularly notable among those aged 50 and older, who are closer to retirement.
National Retirement Security Week is an annual reminder to public sector workers in all career stages to consider saving and investing wisely to ensure a comfortable and secure retirement.
“At David Lerner Associates, we believe in educating our clients about the best strategies to achieve their retirement goals. Whether you’re 25 or 55, this week is the perfect opportunity to review your retirement plans and make sure you’re on track for a financially secure future,” says Jack Lamont, Senior Vice President, Investments at David Lerner Associates, Inc.
When is National Retirement Security Week 2024?
National Retirement Security takes place annually during the third full week in October. In 2024, the national campaign will be observed from Sunday, October 20th, through Saturday, October 26th. This week-long event is a national effort to raise awareness about the critical need for retirement planning and encourage people to take proactive steps toward securing their financial futures. It’s an ideal time to evaluate your current retirement savings, explore new investment opportunities, and make necessary adjustments to your financial plan.
History of National Retirement Security Week
National Retirement Security Week was first established in 2006 by the U.S. Congress to promote the importance retirement savings.
Initially, it was a single day known as National Save for Retirement Day. Due to its success and the growing recognition of the need for comprehensive retirement planning, it was expanded to a full week.
This annual observance is now a collaborative effort between government agencies, financial institutions, and non-profit organizations. They work together to spread awareness and provide valuable resources to help individuals plan for a secure retirement.
Who Gets Involved in National Retirement Security Week?
National Retirement Security Week brings together diverse participants, including government entities, financial advisors, investment counselors, employers, and non-profit organizations. These stakeholders collaborate to provide educational materials, workshops, and events designed to help people understand the importance of retirement planning.
Individuals and families are encouraged to get involved by attending these events, taking advantage of available resources, and actively engaging in conversations about their retirement goals. This community-wide effort aims to ensure everyone has the tools and knowledge they need to secure their financial future.
National Retirement Security Week Participation Ideas
Getting involved in National Retirement Security Week is an excellent way to take charge of your financial future.
Here are some practical ideas for consumers to make the most of this important week:
- Calculate Your Retirement Needs: Use online retirement calculators to estimate how much you’ll need to save for retirement. This can give you a clearer picture of your financial needs and help you set realistic savings goals.
- Review Your Retirement Plan: Take a close look at your current retirement plan. Are you contributing enough to your retirement accounts? Are your investments aligned with your risk tolerance and goals? Make necessary adjustments to stay on track.
- Increase Your Retirement Savings Contributions: If possible, consider increasing your contributions to your retirement accounts. Even a small increase can make a significant difference over time, thanks to the power of compound interest. If you’re 50 or older, you may be eligible to make catch-up contributions to your retirement accounts. This can help boost your savings as you approach retirement age.
- Attend Workshops and Webinars: Many organizations offer free workshops and webinars during National Retirement Security Week. These events cover various topics, from basic retirement planning to advanced investment strategies. Take advantage of these educational opportunities.
- Consult a Financial Advisor: Review your retirement strategy with a financial advisor. An advisor can provide personalized advice and help you make informed investment and savings decisions.
- Educate Yourself: Take the time to educate yourself about different retirement savings options, such as 401(k)s, IRAs, and annuities. Understanding the benefits and limitations of each can help you make better choices.
- Check Your Social Security Benefits: Review your Social Security statement to understand your estimated benefits. This information can be valuable when planning your retirement income strategy.
- Engage with Family: Discuss your retirement plans openly with your family. Everyone must be on the same page and understand the financial goals and strategies.
National Retirement Security Week is more than just a reminder to save for retirement; it’s an opportunity to take meaningful steps towards a secure and comfortable future. By participating in the activities and taking advantage of the resources available, you can gain valuable insights and make informed decisions about your retirement planning.
We are dedicated to helping you achieve your retirement dreams at David Lerner Associates. Our experienced advisors are here to provide the guidance and support you need to build a robust and secure retirement plan. Don’t wait until it’s too late—Contact us today to schedule a consultation and start planning for your future. Together, we can ensure that your retirement is everything you’ve hoped for and more.
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.