By unanimous consent, the Senate votes to designate the third week in October as National Retirement Security Week.August 3, 2006 National Retirement Security Week is proposed
U.S. Senators Gordon Smith (R-OR) and Kent Conrad (D-ND) introduce a resolution to establish the weeklong observation.
- Start saving money
Ubiquity Retirement + Savings discovered that 32% of Americans didn’t start saving until they were in their 30s, and another 13% waited until their 40s to prepare for retirement. Don't wait any longer, start saving now.
- Speak with a retirement plan consultant or expert
Nearly 60% of Americans say they have a workable knowledge of how their retirement vehicles operate, but 30% say they don’t know much about how their's works, if anything at all. Find a consultant or expert who can guide you through the details and works closely with you to develop a retirement strategy that meets your needs.
- Spread the word
Most money-related issues are tagged with a me-first mentality, but preparing for retirement should never be viewed as a competition — National Retirement Security Week is the result of a bipartisan effort, after all. Whether you share a post about the week on your social channels, ask your friends if they are on track for a secure retirement, or set up a meeting at work to discuss retirement planning with your coworkers, just do your part to get the word out there.
- Automate Your Saving
Have your contributions automatically deducted from your paycheck to guarantee that you're saving.
- Boost Contributions as You Age
If you're over 50 years old, you can save an extra $6,000 per year tax deferred.
- If You're Young, Invest More Aggressively
Choosing a more aggressive investment strategy early will quickly grow your nest egg and give you time to recoup if the market takes a dip.
- Meet Your Company Match
If your company offers to match your contribution up to a certain percentage do it. It is free money and as Ubiquity Retirement + Savings CEO Chad Parks points out, that match can be tax-deductible for your employer.
- Diversify Your Retirement Vehicles
Add a tax-advantaged retirement account like a Roth IRA so that some of your saving grows tax free. For more information visit www.myubiquity.com
- Planning for the future is paramount
While we don't think it's practical to plan out every aspect of one's life, looking forward when it comes to saving money is imperative. While there's nothing wrong with using welfare if you absolutely need it, but it shouldn't be your only choice in terms of financial support during your retirement years.
- Retirement funds are a concern for most people
According to Ubiquity Retirement + Savings, 66% of Americans are worried that they won't have enough money saved up by the time they retire. These concerns aren't unjustified. 1 in 3 Americans currently have less than $5,000 saved — an amount that would last a few months at most depending on location — and it is predicted that half of Americans won't be able to maintain their standard of living once they retire.
- Not all employees are offered a retirement plan
While 28% of Americans take full advantage of their company’s retirement saving options, 20% aren't even offered a plan by their employer. This week is here to help guide those individuals to alternative solutions, like an Individual Retirement Account (IRA).