By FINRA Investor Education Foundation
Time for a Military Saves Week pep talk. YOU CAN DO IT! I’m talking about saving meaningful money toward your retirement.
Whether you are in your 20s and haven’t thought about retiring, or in your 60s with retirement staring you in the face, saving for “life after work” is one thing every working American needs to do. The fact is, employer-funded pensions are rare and Social Security retirement benefits will replace only about 40 percent of the average worker’s salary. That means the primary responsibility for paying for retirement rests with each of us.
Of course, everyday life can get in the way. Running a household, celebrating joyous occasions, and covering unexpected pitfalls can challenge your budget and drain your savings. How do you keep your retirement savings on track?
That’s where the Saver’s Pledge, a key component of Military Saves Week, can help. By making a personal commitment to save for something specific—like retirement—and by writing down an amount and a plan to accomplish your savings goal, YOU take charge of your savings. It’s a way to compartmentalize and prioritize your savings, so it doesn’t go somewhere else.
Below are four ways to help achieve a secure retirement.
For more details on these options or if you need help calculating how much you will need for retirement, check out the FINRA Foundation’s www.SaveAndInvest.org/military/retirement.