Retirement is a lifelong investment that ideally begins at the start of your career. However, it is never too early or too late to start planning and saving at any age, no matter what your circumstances are or the status of your financial situation. The first step in saving towards your retirement dreams is to become financially literate about retirement saving strategies. Then choose a plan that best suits your goals and get started. While there are different ways to approach retirement planning for each milestone of your career, you can and should start saving as soon as possible.
Individuals approaching retirement age are entering both an exciting and stressful time of life as they figure out how much money they need to retire, when they can afford to retire as well as what they would like to do in retirement. To make these decisions you need to be financially literate early on and understand different types of retirement options to best fund your future!
What does it mean to be financially literate and does it really matter in the overall scheme of things?
April is National Financial Literacy Month, a campaign dedicated to increasing the public’s understanding of personal finance. William Gale, a fiscal policy expert at the Brookings Institute, defines financial literacy, as the “ability to make informed judgments and effective decisions regarding the use and management of money and wealth”. Not surprisingly, individuals who are more financially literate are better equipped to make decisions regarding their budget, savings, consumption, borrowing habits, investment choices and retirement plans. This month seeks to educate individuals, young and old, to help them better manage their money.
It’s America Saves Week!
This week is America Saves Week, a national campaign dedicated to helping individuals and families save money for the future. The week long campaign promotes greater awareness for financial well – being and encourages people to adopt better saving habits. This is a great time to reassess your financial situation, trim expenses and set new financial goals.
The year is coming to a close and with that, we welcome a new year. A new year give us a change for a fresh start and while you are working on ways to better yourself in 2014, we invite you to consider the following financial ‘resolutions’: