Retirement today is vastly different from what it used to be. In the past, pensions were the norm, providing employees with financial security and health care benefits. Social Security was stable, and employers took care of their retired workforce. However, times have changed. Defined contribution plans have replaced pensions, and Social Security’s future is uncertain, making retirement planning more volatile. 

One report found that only 25% of individuals aged 60 to 65 have accumulated enough savings to retire comfortably. The notion that a significant majority of people approaching retirement age are ill-prepared financially is disconcerting. But there are steps individuals can take right now to prepare for their financial security in retirement. 

• Open a Roth Account: Consider opening a Roth IRA or Roth 401(k) to save for retirement. These accounts offer tax advantages, as qualified withdrawals are tax-free.
• Maximize Employer Contributions: Take full advantage of employer-matching programs. Contributing at least enough to receive the maximum employer match ensures you’re not leaving any money on the table.
• Prioritize Saving: Make it a habit to pay yourself first. Be disciplined about saving a portion of your income regularly. Building a solid savings foundation early on is crucial.
• Financial Planning is for Everyone: Financial planning shouldn’t be reserved for the more mature. Start today by educating yourself on budgeting, saving, and investing. Seek professional advice to navigate complex financial decisions.
• Evaluate Your Retirement Readiness: Assess your need for income, your personal health, and your expected longevity. Understanding these factors will help determine the best time to file for Social Security benefits and make informed decisions about your retirement timeline.

The retirement crisis is a reality that must be acknowledged and addressed. Don’t wait until retirement is knocking on your door to take control of your financial future. You can mitigate the risks and uncertainties associated with retirement planning by adopting effective strategies early. It’s crucial to take action today, secure your future, and make informed financial decisions that will help you maintain your lead in retirement. 

Whether you’re young or mature, financial planning and securing your retirement should be a priority. Reach out to the retirement experts at ReJoyce Financial to start your journey towards a secure retirement. Call (317) 903-9157 or fill out the form below to schedule a no-cost, no-obligation visit.