RADNOR, Pa., Oct. 22, 2013 /PRNewswire/ -- A Special Message to Savers and Non-Savers Alike from Chuck Cornelio, President, Retirement Plan Services, Lincoln Financial Group
This week is National Save for Retirement Week and all across America people are being bombarded with information, education and startling statistics about retirement readiness. Whether you feel like you're on track with your retirement savings or not, you probably wish you felt better prepared. We understand what you're going through. I want to share simple suggestions and positive encouragement to help you take charge.
We live in a time where saving for retirement is your responsibility. Hopefully your employer offers a retirement savings plan at work and matches some portion of the contributions you make every paycheck. When you think about your savings plan, it helps to understand that you need to focus on getting TO and THROUGH retirement. We know that today's savers want several things:
Keep these things in mind as you learn more your employer-sponsored retirement plan and look for features that meet these needs. I also encourage you to take these simple actions to help make sure you get on track and then stay on track to a successful retirement.
1) You want help saving automatically2) You want help investing 3) You want to be able to protect your savings and4) You'd like some options for guaranteed income.
- First, if you're not enrolled, sign up. You'll reduce your taxable income today while building retirement savings for tomorrow.
- Contribute up to your employer match, at a minimum. Otherwise you're leaving money on the table.
- Save more as you make more. Try to increase contributions every year.
- Save income boosts like a raise, bonus, tax refund or any windfall--even if you save only a portion of it.
- Meet with the financial professional associated with your retirement plan at work for a retirement plan check-up at least once a year. At that annual review, make sure your plan is in synch with your goals and includes a way to turn your savings into income that lasts a lifetime.
- Resist the temptation to borrow from your savings and stay the course for the long run. You may miss out on potential returns to grow your retirement savings while you're paying yourself back.