A recent study found that over one-third of Americans are not saving for retirement. This October 18-24, the state treasurer’s office is celebrating National Save for Retirement Week by offering tips on how to prepare or reevaluate a retirement plan:
- At least 70% of a person’s preretirement income is needed to maintain his or her standard of living during retirement. These retirement calculators can be used to determine specific retirement needs.
- Take advantage of any employer-based savings and pension plans. These plans often offer automatic paycheck deductions and employer matches.
- Consider investing in an IRA (Individual Retirement Account). Savers have the option of choosing tax-free growth or saving on a tax-deferred basis.
- Determine how much money can be saved on everyday purchases with this Small Change, Big Savings calculator.