These resolutions must be kept in order for plan participants to successfully retire. I believe the great recession has taught us that we can not rely on the government for our financial future. Each individual must be accountable for their own financial future.
___ Resolve to participate in your workplace retirement savings plan. If you are not already saving for your retirement in your workplace program, you are missing out on one of the most important—and easiest—ways of making sure that you are on track for a financially secure retirement. Unless, of course, you have a rich (old) uncle.
___ Resolve not to miss out on the company match.
Odds are your employer matches your contributions to your retirement savings account up to a certain level, say 5% of 6% of your pay. Whatever that level is, if you do not contribute up to that point, you are letting “free” money slip through your fingers.
___ Resolve to increase your savings rate in your workplace retirement savings plan by at least 1%.
If you are already saving, are you saving enough? Have you ever made an attempt—with some kind of planning tool or the assistance of a financial adviser—to figure out how much you will need? Even if you have, it is remarkably easy to increase your current rate of savings by as little 1%–and you might be surprised just how much difference that will make!
For plan participants to successfully retire these resolutions should be made and kept.
Please comment or call to discuss how these ‘resolutions’ will help you employees.
- Pension savers to benefit from flexibility (confused.com)
- Hidden Dangers Of A Retirement Plan That A Plan Sponsor Needs To Prevent (401kplanadvisors.com)
- 5 retirement blunders of 2011 (401kplanadvisors.com)