The Retirement of Your Dreams, Make it a Reality
When it comes to saving for the future, how ready do you think you are? If you’re reading this newsletter, than you’ve hopefully given college savings some thought; but what about your retirement plan? A recent survey suggests that most baby boomers are saving too little to have a financially secure retirement plan for their golden years.
A whopping 92% of respondents agreed that America’s baby boomers are not prepared for their retirement, mainly because they are saving too little. This survey by CPA2biz.com, (partners with the American Institute of Certified Public Accountants: AICPA), emphasizes the importance of saving and how it can drastically change your future.
Another suggestion, invest wisely and consider all options. Investing can take the money you already have and make it grow, but over-risking your principal can also generate a deficit that is difficult to overcome. Consider your present age, expected retirement date, and propencity for risk. If you’re unsure where to begin, financial advisers are available to guide you.
Plans for retirement may be pushed aside due to the need to shell out for more immediate costs. Families often realize they don’t have enough to pay for college and the savings they have acquired may be too little. Turning to retirement funds, or debt, such as home equity or loans to help pay for college costs is a solution that will impact your retirement savings plan in the long run.
It is important to be consistent with your savings; college, retirement, and any other investment strategies. Your personal savings is the thing you have the most control over and can have the biggest impact on your life after retirement. As the cost of living goes up and as many of us live longer lives-spending 15 years or more in retirement-it’s important to take saving as a responsibility to yourself. By making this a habit and setting goals for yourself, saving money can be made easier.
The key to a successful savings plan, college or retirement, is to start as early as possible. The sooner you start saving, the more time your money has to compound and grow. Whether you see yourself traveling after retirement or gardening in your own backyard, make sure you have a savings plan that will allow you those luxuries. And if you feel like its too late, better late than never. It could be a big difference in how bright your golden years look.
College Savings Bank offers the CollegeSure CD through both a traditional IRA or Roth IRA. These funds can be used for higher education, or for your retirement.