This week, I’m learning a lot about how important it is to save for retirement. The earlier we start saving, the easier it is!
American Fidelity is great in that the Company offers both a pension plan and a 401(k) savings plan to help Colleagues save for retirement. Since the days are long gone that a pension coupled with Social Security payments will sustain workers through retirement, it’s more important than ever to take advantage of 401(k) savings plans.
Check out some of the surprising statics we’ve seen this week:
- Most workers will need between 60 and 90 percent of their income annually to retire comfortably.
- Workers who start saving for retirement in their 20s should set aside 10 to 15 percent of their salary. Those who wait until age 45 to start saving must save 37 percent of their salary.
- Only 65 percent of workers say they currently save money for retirement.
- Almost 20 percent of retiree income will be spent on health care.
Read more about retirement statistics in the Employee Benefit Research Institute’s 2013 Retirement Confidence Survey.
We just added a handy retirement tool provided by InvesTrust that will help us see how much we’ve saved so far, whether we’re on target to meet our goals and make changes to ensure we meet the target.
It’s obvious that American Fidelity is dedicated to ensuring we’re ready for retirement, whether its next year, next decade or many decades from now. No matter what stage of life we’re in, it’s never too early to start planning.
Have you started saving for your retirement? What does your company do to help?