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Money Management

 
 

Retirement is Sooner Than You Think

 

As 78 million baby boomers approach retirement age, many are realizing they should have saved more money when they were younger - but didn’t. It’s not too late for most individuals to turn their retirement future around. A new, free online resource, The Guidebook to Help Late Savers Prepare for Retirement is a thorough, user-friendly guide to help Americans boost their retirement savings. The guide outlines more than a dozen catch-up strategies for Americans (especially those 50 and older) who have realized they haven’t saved enough for retirement. It is only available online (http://www.nefe.org) at the National Endowment for Financial Educations website.

The guidebook offers numerous ideas that can be implemented alone or combined with others – depending on individual circumstances – to achieve retirement goals. The five sections of the guide explore how to:

  • implement a new federal policy allowing catch-up contributions,
  • determine retirement needs,
  • take advantage of mid- and later-life savings opportunities,
  • reduce debt and stretch income, and
  • adjust for unique retirement planning considerations that are beyond one’s control.
  • Guidebook users will also find numerous worksheets they can download, including one to help late savers develop a custom action plan by selecting financial strategies to meet personal goals. Additionally, the resource section lists more than 40 books and Websites to guide individuals in making informed choices about saving and investing wisely for the future.

    To access or download a copy of the Guidebook, go to the Multimedia Access section of the NEFE Website at www.nefe.org and click on "Resources for Consumers."