The third week of October is National Save For Retirement Week. Of course, this isn’t the only week in the year to save for retirement as the name might imply. Instead, it’s a week to raise awareness for the need to plan and prepare for retirement.
So how can you “celebrate” National Save For Retirement Week? Here are a few ideas:
Estimate how much you need for retirement.
You might not know when you’ll retire or how long you’ll be retired, so it’s impossible to know exactly how much you’ll need during your retirement. However, that shouldn’t stop you from setting a savings goal. A retirement calculator can give you an estimate of how much money you’ll need for retirement. That estimate will likely change as you get older and your retirement picture becomes clearer. But a specific goal now makes it easier to develop a retirement savings plan which can then be adjusted as needed.
Open and contribute to a retirement account.
If you’re not already saving for retirement, start this week. Does your employer offer a retirement plan such as a 401(k)? If so, sign up and set up a payroll deduction to automatically save each paycheck. If your employer matches your contribution, try to save as much as you can to take full advantage of the match. However, any type of contribution to your retirement savings, no matter how small, will reap benefits in the long run.
If a 401(k) isn’t an option, you can save for retirement through an IRA. If you’re not sure where to begin with an IRA, please leave us a comment or contact us — we can help you get started.
Review your retirement plan.
If you already have a retirement plan, take the time to review it. Are you saving enough? Estimate the money you’ll need for retirement again: has that number changed since the last time you calculated it? If so, make adjustments to your savings as needed. Remember: a good retirement plan includes contingencies.
Follow us on Facebook and Twitter.
We have many articles on retirement on our blog, and we’ll have some more during National Save For Retirement Week. If you have questions on retirement planning (or anything else!) feel free to leave us a message. In addition, we’ll be sharing tips and news Facebook and on Twitter — be sure to follow us! You can also follow the hashtag #NS4RW on Facebook and Twitter to keep up with the latest on National Save For Retirement Week.
Covenant Trust Company is a financial services company owned by the Evangelical Covenant Church and its affiliates. Our services are available to anyone in need of asset management, retirement planning, legacy planning, gift planning, or trust services. In addition, we seek opportunities to encourage and promote healthy financial habits, and keep a personal finance blog at www.covtrustblog.com.