Page 4 - Allisons Newsletter, Lakewood Edge - Nov 2018 Issue

financial planning l
YOUR MONEY

RETIREMENT

CLOCK

RUNNING

DOWN?

LAKEWOOD

REAL ESTATE EDGE TIME TO ACT

Publisher
Allison Van Wig
CA BRE #00985700
by Janet Kidd Stewart confident their employees will be instructive to learn what others higher salary won’t make up for a
financially secure in retirement, and are doing _ and important from a bad plan.
ome of us are earning more just 18 percent of workers are very policy standpoint to advocate for
and saving more for retirement confident they will fully retire and live better plans—the retirement buck • Don’t wait for a better system.
Sthan we were five years ago, comfortably. really does stop with you. Most The Center for Retirement Research
but is it too little, too late? “That’s a very discouraging result,” experts now recommend saving offered up several policy suggestions
4435 E Village Rd More than a quarter (28 percent) said Catherine Collinson, president 15 percent of pay if you earn at or earlier this year for improving the
Long Beach, CA 90808 of working Americans surveyed by and CEO of Transamerica Institute. above median U.S. income, now U.S. retirement system, but you
Bankrate.com said they are saving She says the numbers could improve around $59,000. Lower income don’t have to wait around for the
562-882-1581 more for retirement in 2018 than substantially if more employers workers might get by saving government to act. On your own,
Allison@superbroker.com they did last year, while 13 percent offered phased retirement, help with less because a higher portion of you can tackle most of CRR’s wish
www.SuperBroker.com reported saving less. The percentage retirement income planning and their incomes presumably will be list: When you leave a job, figure
of respondents who said they are better overall retirement plan design. covered by Social Security. Very out the 401k rollover rules and
boosting their savings has climbed But how much employers really high income workers will need to determine if it’s best to stay in the
each year for the last four years, care about improving their plans is save even more. plan or go. Understand fees and
according to the website. debatable. adviser conflicts of interest. Don’t
“After the financial crisis, there In the Transamerica survey, just 14 • Be aware of culture. A lot of take money out of a 401k early.
was a notable shift, with people percent said they feel very responsible employers give lip service to the Find the best strategy for claiming
recognizing the importance of for helping employees achieve a value of older workers’ experience, Social Security and coordinate
savings. But when wage growth was financially secure retirement, with 41 but the reality is employers still that with your retirement plan
tough to come by, we didn’t see the percent feeling somewhat responsible. discriminate, so it pays to invest withdrawal strategy.
6427 Busch Blvd., savings needle move because people Even narrowing the field to just in ways to stay vibrant. In the
Columbus, OH 43229 really couldn’t do anything about it,” the companies who already offer a Transamerica survey, when asked On that last point, it would
877.872.3080
www.DiscoverPubs.com said Greg McBride, Bankrate’s chief retirement plan doesn’t boost the how old is too old to work, workers certainly be easier if policymakers
financial analyst. “Now the needle numbers much. Just 19 percent feel said 75. Employers said 70. encouraged all those items, but if your
Sudoku, Scrabble, Crossword is starting to move and people are very responsible, though another 50 retirement clock is running down,
and articles distributed by
Tribune News Services and putting away more money.” percent feel somewhat responsible. • Be choosy in the job market. If don’t sit around and wait. n
Brandpoint where noted. Other studies suggest they need you manage to score multiple job
© Copyright 2018 by to. A new survey of employers by A FEW TAKEAWAYS offers as the jobless rate continues ©2018 Tribune Content Agency.
Discover Publications, Inc.
All rights reserved. Transamerica Center for Retirement FROM BOTH SURVEYS: to shrink, compare retirement and Distributed by Tribune
Studies finds just 16 percent are very • Mind your own rate. While it’s health benefits closely. A slightly Content Agency, LLC.
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