Back
davidlerner.com > Retirement Planning  > Rethink Your Retirement Strategies

Rethink Your Retirement Strategies

One important area of your financial well-being you should be thinking about in January is retirement. The good news is that Americans saved more in 2015 – 5.1% up from 4.6% in 2013. The bad news is that less of this money went to retirement funds.

If you are one of thirty-one percent of working Americans with no retirement savings or pension plan, this should be high on your list of financial wellness goals. Ask yourself these five questions to get your retirement planning on track in 2016:

  • Define the income needed: Use a retirement calculator or speak to a retirement advisor, and figure out what your income needs are likely to be.
  • Set the goal: Now that you know what you’re aiming for, get specific. Name an exact amount you need to put into your retirement fund in 2016, and then break it down into monthly increments. Keep track of your progress each month.
  • Know where the money goes each month: In order to save money, you have to know how much comes in and where it goes. If you find you are falling behind on the goal, figure out what you can cut back on, and increase the contribution to the fund.
  • Look for ways to increase your income: If your current budget is stretched to the limit, perhaps you can find ways to earn more. One enterprising young man found a source of extra income in the dumpsters of retail stores. Many Americans are making extra money online on sites such as Craig’s List, Fiverr, Task Rabbit, Etsy, and Amazon. Driving for Uber or Lyft in your spare time is another way to earn extra income.
  • Keep your eye on the prize: It’s easy to lose focus when your friends are driving fancy new cars and showing off the pictures of their latest island vacation. You’re constantly being bombarded with ways to spend your money right now. Just ask yourself if you really need that item. A new car now is nice, but not having enough money when you are older might just be the price you’ll pay for that car.

If you take these steps and stick to them, 2016 could be your best year financially.

IMPORTANT DISCLOSURES

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. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

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.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances.
Member FINRA & SIPC.

Your Investment Counselor

(ICname)
Skip to content