Utilize these investment strategy tips to help support a sustainable financial future.Category: Education
Article added by: Bill Dimatti
Average life expectancy in the U.S. has risen to an all time high. However, the amount of money people put away for retirement isn't rising at all. How is our nation going to make sure its citizens have the money to retire? Here are some ideas to think about:
I. ABOUT SOCIAL SECURITY FUTURE...
Americans will not be able to rely solely on Social Security for a comfortable retirement. In the future, it's projected to cover an increasingly smaller percentage of the average retirement. There's debate as to whether it should be repaired or replaced. But what's clear is we need to reform Social Security now. Unless action is taken soon to strengthen Social Security, in just 11 years we will begin paying more in benefits than we collect in taxes. Without changes, by 2040 the Social Security Trust Fund will be exhausted.
II. WORK TO BUILD A SECURE FUTURE...
Companies should continue looking for ways to encourage employees to participate in retirement plans such as, 401(k) plan, profit sharing plan, and 457 plans (governmental). One proven method to increase retirement saving is automatic enrollment employees are signed up for saving plans when they join the company, unless they specifically opt out.
III. ESCALATE PERSONAL SAVING...
The bottom line is that you have to take responsibility for your own future financial security. Taking responsibility means joining your retirement plan, making regular uninterrupted contributions to the plan, and increasing the amount you contribute whenever you can. Additionally, you can also boost your saving by joining companies who support laws that reward people for saving. For instance, tax advantaged saving programs, like annuities and IRAs, are two examples. These strategies can help allay baby boomers' biggest fear.
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Posted By: Bill Dimatti
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