Recently, my office celebrated National Save for Retirement Week (October 20-26). National Save for Retirement Week is a national effort to raise awareness about the importance of saving for retirement. It’s a perfect opportunity for people to reflect on their personal retirement goals.
Achieving your retirement fund goal can seem unattainable since it can feel like it’s too far away to be concerned with. This may influence us to worry about other financial goals first. However, having more time to save for your retirement means you will gain greater benefits than if you started later in life. Starting early allows you to maximize the benefits of compounding your funds. Compounding occurs when earnings on invested money generate their own earnings. It doesn’t get much easier than that- you start investing early and let the money do the work.
I’m asking Iowans to challenge themselves year-round to make sure they are on track for a secure retirement by adding retirement plan reviews to part of their routine. Saving and preparing for your retirement should be a full-time focus. My office is committed to providing all Iowans with unbiased financial information and resources, and we have created a list of resources – from simulation games to savings calculators – to help you learn more. You can access these resources by visiting IowaTreasurer.gov, clicking on the “For Citizens” tab and selecting “Financial Education and Empowerment.”