Just 20 percent of American workers say they are very confident about their retirement security. And now that people are living longer, we will need to put more in our retirement savings accounts. In honor of National Save for Retirement Week, here are some tips from Johnson County Government's Treasury and Financial Management department.
- Make a financial plan and review it annually. Changes in your life may mean that you have more or less money. Plan for possible adjustments to your plan, including inflation.
- Make a bucket list of the things you want to do in retirement. This will make it more likely that you’ll save for them.
- Try living for one year on your retirement budget. If you can’t do it for a year, what needs to change so that you can do it for 30 years?
- Pay off your mortgage before retirement. If you expect to downsize to a smaller house in retirement, consider doing it sooner rather than later.
- Take advantage of any employer-sponsored savings plan. Matching contributions and tax incentives make an employer-sponsored plan one of the smartest ways you can save.
- Postpone taking social security benefits. The longer you wait, the bigger your monthly check.
The International City Management Association Retirement Corporation has a list of small savings that can add up to a big nest egg.