Page 44 - Money - November 2018
P. 44

THETHE
          ULTIMATEULTIMATE
          RETIREMENTRETIREMENT
          GUIDEGUIDE
          20182018
          SOLOTHE FUTURE  OF  circumstances change, and consider meeting  and of those firms, 80% offer auto-escalation,
          SENIORSRETIREMENT
                             with a fiduciary financial advisor—that is, a  raising workers’ contribution rates automati-
                             professional obligated to put your interests  cally on a regular (often annual) basis.
                             first. When you’re preparing for a marathon  While these innovations have helped
                             retirement, it can help to have a financial  Americans save for retirement, they mostly
                             coach in your corner.                   benefit workers of large companies. What’s
                                Also consider auto-enrollment and    more, many plans auto-enroll workers to
                             auto-escalation, two relatively recent  save 3% of their pay, which is much lower
                             additions to the 401(k). About 70% of large  than the recommended 10% to 15%.
          4EXVMGME 0]SRW     companies automatically enroll new workers  The takeaway? Save as much as you can,
          ,EVVMRKXSR  EKI  3
          SR LIV TSVGL EX LSQI  in their 401(k) plan, making employees opt  and then save some more, knowing that life
          MR )WWI\  1EWW     out of retirement savings instead of opt in,  happens, and unexpected layoffs, divorce,



























































                MONE Y. C O M  NO VEMBER 2 018
   39   40   41   42   43   44   45   46   47   48   49