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This Is National Retirement Security Week

By Ayo Mseka on 10/21/20 3:33 PM

This week is National Retirement Security Week, an effort designed to help consumers take concrete steps towards a secure retirement. The following article, excerpted from the National Today website at https://nationaltoday.com/national-retirement-security-week/ will help you make the most of this important campaign.

National Retirement Security Week, a weeklong observance, is from October 18 to October 24 this year. It was initiated in 2006 after U.S. Senators Gordon Smith (R-OR) and Kent Conrad (D-ND) introduced a resolution for its creation. Beyond elevating public knowledge of the subject, those leading National Retirement Security Week encourage employees to speak to a retirement plan consultant or expert and participate in an employer-sponsored retirement plan if available.

 Here are some ways to observe National Retirement Security Week:

*Start saving money. Ubiquity Retirement + Savings discovered that 32% of Americans didn’t start saving until they were in their 30s, and another 13% waited until their 40s to prepare for retirement. Don't wait any longer; start saving now.

*Speak with a retirement plan consultant or expert. Nearly 60% of Americans say they have a workable knowledge of how their retirement vehicles operate, but 30% say they don’t know much about how theirs works, if anything at all. Find a consultant or expert who can guide you through the details and who can work closely with you to develop a retirement strategy that meets your needs.

*Spread the word. Most money-related issues are tagged with a me-first mentality, but preparing for retirement should never be viewed as a competition. National Retirement Security Week is the result of a bipartisan effort, after all. Whether you share a post about the week on your social channels, ask your friends if they are on track for a secure retirement, or set up a meeting at work to discuss retirement planning with your coworkers, just do your part to get the word out.

Tips for saving for retirement

*Automate Your Saving. Have your contributions automatically deducted from your paycheck to guarantee that you're saving.

*Boost Contributions as you age. If you're over 50 years old, you can save an extra $6,000 per year tax deferred. If You're young, invest more aggressively. Choosing a more aggressive investment strategy early will quickly grow your nest egg and give you time to recoup if the market takes a dip.

*Meet Your Company Match. If your company offers to match your contribution up to a certain percentage do it. It is free money and as Ubiquity Retirement + Savings CEO Chad Parks points out, that match can be tax-deductible for your employer.

*Diversify Your Retirement Vehicles. Add a tax-advantaged retirement account like a Roth IRA so that some of your saving grows tax free. For more information visit www.myubiquity.com.