Male   Female
  • How to create an effective retirement strategy
  • December 24, 2013
  • how much should i saveBy LifeQuotes.com

    A study conducted by the Employee Benefit Research Institute shows that Americans are more unprepared for retirement than they believe.

    Survey results show that 27 percent of Americans have devoted less than $1,000 to retirement savings – excluding the value of their home and defined-benefit plans. Those who have saved between $25,000 and $99,999 for retirement accounted for 23 percent of participants. Another 11 percent of participants have saved more than $250,000.

    Less than 50 percent of survey participants showed concern about their retirement preparedness and three-fourths were very or somewhat confident they would have sufficient funds to pay for retirement expenses.

    The study shows that age is a large factor in retirement savings, with young workers being less prepared financially than older workers with a longer work history and those who may be married.

    It’s wise to set up a retirement strategy sooner rather than later so you can be better prepared for your future. The following tips will help you spend less now with an accountable savings plan:

    • Know your monthly expenses and create a budget
    • Use credit cards only if you can pay off the balance at the end of every month
    • Designate 20 percent of your paycheck to be automatically deposited in a savings account or talk to your bank about transferring so much money per paycheck or month to a separate account
    • Pay off debt early; reduce payments as much as possible
    • Set up a direct deposit into a 401K or another retirement account
    • Purchase a life insurance policy before age and medical conditions progress
    • Build up an emergency savings account fund should always cover at least 6 months to a year worth of expenses

    Many young people are not as diligent about retirement planning because they feel they have more time to save before retirement age. Young people may benefit from planning for retirement early by taking advantage of low premiums for life insurance and a company-matched 401(k).

  • Category: Articles Library, Life Insurance, Top Headlines

Leave a Reply

Archives

About

Consumer Insurance Guide SM provides a wide selection of originally-authored articles and expert advice targeted to the self-directed insurance shopper. Our mission is to provide consumers with useful, money-saving information on all things having to do with making sound insurance purchase decisions.

Consumer Insurance Guide SM is owned by Life Quotes, Inc. 8205 South Cass Avenue, Darien, IL. For editorial, content feeds, advertising and lead purchase opportunities, contact Robert Bland at bob@lifequotes.com.

Originally founded in 1984 as Quotesmith Corporation, Life Quotes, Inc. owns and operates www.consumerinsuranceguide.com and www.lifequotes.com, two online consumer insurance information services that cater to the needs of self-directed personal and corporate insurance shoppers.

About Us  |   Contact Us  |   Press Releases  |   The Best Privacy Policy  |   Life Insurance  |   Careers
For Agents & Brokers  |   Site Map  |  


Copyright ©1984-2015 Life Quotes, Inc., 8205 South Cass Avenue, Suite 102, Darien, Illinois. Life Quotes, Inc. and certain of its personnel are licensed as insurance agents, brokers or producers in all states. CA agent #0A13858, LA agent #200696, MA agent #333509159. dba Life Quotes Insurance Services in CA under agent #0827712, in LA under agent #205078. dba Life Quotes Insurance Services, Inc. in UT under agent #90093. All rights reserved. Telephone (630) 515-0170. Founded 1984.
10.1.1.86