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Retirement should be something that every individual thinks about.  Gone are the days of company pensions that could sustain you through your golden years.  It has become more and more the responsibility of the individual to grow and maintain a healthy retirement plan.  Forty percent of adults age 50 and older fear that they will run out of money during their retirement and only a third feel prepared for retirement.  If you are looking at retirement in the near future there are three things you can do to maximize your retirement savings.

First, make goals for your retirement.  It is estimated that by the time an individual is ready to draw on their retirement they must have a minimum of $1 million in their plan.  This may seem like a daunting number but making appropriate plans now can maximize the probability that you can save this amount.  It is important that you write out your goals and financial plan in order to make this process easier.

Keeping an eye on how your portfolio is doing is also another way to maximize your retirement goals.  It is recommended that quarterly check ups be completed every year.  When completing these reviews there are six questions you need to ask:

• Did you make any progress with the account balance?
• What is your rate of return?
• Are your current allocations working for you?
• What is your current balance and future contribution amounts?
• How is your performance given your fund options?
• How does your portfolio stack up against the broad market?

Finally, it is important to take advantage of every avenue available to you.  All individuals should be utilizing the 401(k) plans offered by their employer if they are eligible.  These savings accounts are the most efficient accounts available to Americans.  Most companies also offer some form of matching with these accounts, so investing in them is a smart way to begin or continue saving for retirement.

To read the entire article, please visit USAToday.com.