Are You Prepared for Retirement?
45% of American Workers have saved less than $25,000 for retirement and 26% have saved less than $1,000.
Source: Employee Benefit Research Institute, 2018
In 2019 employees were more confident that they would have enough for retirement, but less than half had actually calculated how much they would need. In fact, nearly 9 out of 10 retirees rely on Social Security as a source of income in retirement. Retirees are using their savings to supplement Social Security as a source of income, but are still reliant on it.
80% of workers are relying on their workplace defined contribution retirement plans as their source of income in retirement. So, have you looked at your 401(k) plan recently? Do you know if you are making the maximum allowable contributions to your 401(k) plan? When you are young, retirement may seem far away, but saving for retirement in the early work years can reap bigger rewards later. Saving earlier amounts to much more money later – thank you, compound interest.
If figuring out the best way to invest for your future, 401kzone.com can help connect you to the licensed advisor you need. Find out common sense steps to prepare for your retirement, then set times to check periodically, so you can refocus on today, knowing tomorrow is covered.