Are you saving enough so that you will be secure in your retirement? How long have you been saving and even more importantly, have you got anything set aside for emergencies in the meantime?
According to a report by Bankrate, almost a quarter of Americans have no emergency savings at all. This means that the future is not looking particularly rosy for many Americans.
Bankrate’s Financial Security Index – June 2017
- The survey was conducted by Princeton Survey Research Associates International. PSRAI obtained telephone interviews with a nationally representative sample of 1,001 adults living in the continental United States. Interviews were conducted on May 4-7, 2017. The margin of sampling error for the complete set of weighted data is plus or minus 4.0 percentage points.
- One in 5 adults have no financial regrets.
- Sixteen percent of Americans say their biggest financial regret is not saving enough for emergency expenses.
- Twenty-two percent say failing to save for retirement is their worst financial blunder.
Another study from the Employee Benefit Research Institute shows that fewer workers than before report they have saved any money for their retirement.
Here are some top tips to get you on track for your retirement, so that you are not panicking about money in the future:
Knowing what you need to survive as well as setting aside money for eventualities like medical bills or emergencies is an essential part of getting prepared for retirement. If you have set aside money for retirement and all of a sudden you are hit with large bills, your math will be off, and you will be in a state of stress and upheaval. No one wants that at any time of their lives, especially not when you have entered retirement, and you have no way of boosting your income other than gambling in a casino or getting a part-time job.  A worrying statistic by the Government Accountability Office says that in the region of 29% of American households from the age of 55 do not have any retirement savings or any pension at all! Don’t let this happen to you. Start working out your expenses and how much you will need to have a stable and care-free retirement.
Do your research
Learn as much as you can about retirement savings and 401k plans. Get professional advice, and if you do not feel comfortable, get a second or even third opinion so that you are sure of the risks and responsibilities involved. Make sure you are knowledgeable and that nothing hangs you up or confuses you. You do not want to find out later that the money you thought you were saving is only available at a different time or has restrictions that you were not aware of.
Make saving a priority
Put as much aside as you can without putting yourself under pressure. Start working towards a goal, and you will begin to see results fairly quickly. It all adds up. If you are starting fresh, it will be all the more rewarding to see your nest egg grow.
Don't be a part of the negative statistics out there. Rather, take control of your finances and your future.
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