Many of us dream of retiring at some point, but are you setting aside enough to make that a reality?
According to the Employee Benefit Research Institute (EBRI) latest’s retirement confidence survey, you might not be on track.
The latest survey indicates one third of those surveyed found that retirement expenses are higher than they thought they would be.
That’s a fairly alarming number when you stop to think about it – especially when you consider that the EBRI reports that these results are based on data before the inflation run up of the past year.
Are You on Your Own for Retirement?
The EBRI survey found that most of the workers don’t know where to go or who to trust for financial and retirement planning information. That’s why most resort to researching the specifics on their own.
When planning for retirement, it’s nice to have a little help. At least companies are making it a tiny bit easier for workers to save these days. More than 80% of survey participants are satisfied with their workplace retirement savings plans and the tools these plans offer. These include being able to automatically increase their contributions and other informational resources that the portal provides. Automation is especially useful. You can set money aside without thinking about the task or even seeing it. It’s one way to pay yourself first.
Even better is if your employer offers a match. That’s free money you can get for retirement. And, of course, that sum grows over time when invested too, snowballing to a pretty healthy nest egg come retirement time.
How to Save on Your Own
If the EBRI survey is any…
Read full article Source