That’s right, I said it: Nest Egg. Now that the new year is here, financial experts are saying this is a great time to review your retirement savings goal for the next year and figure out where you stand. AARP Bulletin reports:
“Take stock of where you’re at,” says Richard Salmen, president of the Financial Planning Association and a certified financial planner in Overland Park, Kan. “A year-end evaluation is a good idea at this point. Really look at your 401(k) or 403(b). It may not be as ugly as you thought.”
In fact, most workers are still recovering from the nose-dive that retirement account balances took over the past two years. Together, 401(k) accounts and IRAs lost $2.8 trillion–one-third of their value–between September 2007 and March 2009, according to the Urban Institute. Since then, the market has rebounded and stocks have regained ground, though on average, retirement accounts still remain 17 percent below their peak value in 2007.
Whether the rally will last or investors will face more losses in a volatile market is anyone’s guess. But one thing is certain: As 2010 draws near, financial experts say you should take steps to ensure that your retirement savings continue to grow.
The piece then gives you 6 really useful tips on how to do that. Check it out.