First steps in retirement planning
Even if you’re young,
newly employed or
haven’t yet started to
save for retirement,
many financial professionals
agree planning is key to
achieving a sense of security
for your future. But a new
survey shows that if you’re
a first- or second-generation
American, a woman, African
American or Hispanic
employee, you may feel disconnected
from the financial
services industry and
its benefits.
One reason is that you
may be less likely to have
opportunities to save for
retirement through your
workplace - or you may feel
the financial services industry
is not geared toward
serving the needs of you or
your community.
The good news? The financial
services industry
and many employers are
working to offer greater accessibility
for all employees
trying to save for retirement
- even with a moderate
income - and are trying to
make it easier for all their
employees to be proactive
about financial planning, no
matter when or where they
begin.
The new survey conducted
by Harris Poll for
Empower Retirement shows
that women and people of
color feel underrepresented
when it comes to retirement
saving. In fact, 70 percent
of all respondents said they
agreed with the statement:
“Retirement planning is a
luxury that is not afforded to
all types of Americans.” But
the truth is that retirement
planning is possible, no matter
where or when you start.
And it can make a huge difference
for your financial
situation down the road.
Here are tips and resources
to help you get started on
your retirement planning
journey.
TIMESLEDGER | Q 24 NS.COM | MAY 28-JUNE 3, 2021
Start now: No matter
where you are in your career,
starting with small savings
now can make a huge difference
down the road - and
those savings can accumulate
and grow over time.
Contact your HR department:
Especially if
you’re unsure what your
employer offers for retirement
planning, asking questions
is a great place to start.
Don’t be afraid to ask for explanations
of unclear terms
or services.
Match those funds: Some
employers will match your
401(k) contributions up to a
certain percentage point, so
you’ll get the full benefit of
those funds by making sure
you contribute at least that
amount.
Consult a financial
planner: Ask if your employee
benefits include
the services of a financial
planner. Many employers
offer consultations with a
financial professional free
of charge, to help with your
planning efforts.
Personalize your savings
options: Ask about opting
into a managed account
for your 401(k). This will
provide you with a personalized
strategy for your funds
based on factors including
your age, amount saved,
timeline and savings goals -
even if you’re starting with
a small amount.
Retirement planning
and saving can now benefit
everyone, and can help improve
your future financial
outlook, no matter where
you’re starting from today.
— Courtesy of BPT
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