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Thinking About Retirement Pays Off at Any Age

Posted By Deb Silverberg On June 6, 2012 @ 9:06 pm In Work Matters | Comments Disabled


Watch this ABC News segment on hidden 401(k) fees.

When you hear the “R” word, what comes to mind? Your perspective on retirement planning depends on a lot of things, including your age bracket.

If you’re 50+, you might say:What retirement? My IRA has taken a huge hit, and now I’ll have to work way past 65.” Or, “I’m so behind I don’t even know where to start [2]. I hope Social Security [3] is there when I need it, but I’m worried.”

A 40-something might say: “Retirement? We’re down to one income after the layoff and worried about how we’ll pay our family’s bills as our savings dwindle. And now I’m hearing that 401(k) fees [4] are taking a big chunk out of what we’re putting in.”

A 30-something might say: “Retirement? I’m paying back student loans and trying to save for a home down payment [5], and it’s taking forever with my rent and car expenses. Maybe I’ll move in with my parents for a while.” (Parents shudder.)

A 20-something might say: “Retirement? I can’t believe they still take Social Security [6] out of my paycheck. There’s no way any of that will come back to me. And why should I bother putting money aside now? Retirement is such a long way off [7] – does it really matter?” (It does.)

Bottom line: It’s never too late [2] or too early [8] to start thinking about retirement planning.

This month you’ll see a lot from AARP about this important issue – from myths and challenges, to making the most of your 401(k) [9] and tools to know what you’re paying in fees [10], to the future of Social Security [11] (hint: input wanted [12]) and when to start claiming, to what an ideal retirement means for you. There’s even a free webinar [13] on that topic on Tuesday, June 12.

Would winning $50,000 for your nest egg make you want to learn more? If you’re 45 or older, enter the AARP $50,000 Retirement Trivia Challenge [14] (daily winners too).

Need to work longer than you thought? Join the club. Check out job-hunting resources [15] if you’re dealing with a mid-life layoff or want to change careers, and learn about employers who value 50+ workers [16].

Here’s to starting where you [2] are when it comes to retirement planning [13], regardless of age. Above all, don’t beat yourself up or think, “If only I had…” Nothing good will come of that.¬†Instead, pay it forward. Encourage the 20- and 30-somethings in your life to learn what’s in it for them [8] by thinking about retirement sooner rather than later. They may even thank you…someday.

¬†If you’re on Twitter, follow @AARPMoney [17] for money, work and retirement resources, news and information.

Article printed from AARP: http://blog.aarp.org

URL to article: http://blog.aarp.org/2012/06/06/thinking-about-retirement-pays-off-at-any-age/

URLs in this post:

[1] Image: http://abcnews.go.com/WNT/video/401k-hidden-fees-16462619

[2] where to start: http://www.aarp.org/money/investing/info-05-2012/catch-up-on-retirement-savings.html

[3] Social Security: http://www.aarp.org/politics-society/advocacy/info-04-2012/youve-earned-a-say.html

[4] 401(k) fees: http://blogs.wsj.com/totalreturn/2012/06/05/the-raging-debate-over-401k-fees/

[5] down payment: http://www.lifetuner.org/articles/3-places-you-can-still-get-cash-to-buy-a-home

[6] Social Security: http://aarp.us/toqMXk

[7] long way off: http://www.getrichslowly.org/blog/2008/04/02/the-extraordinary-power-of-compound-interest/

[8] early: http://www.lifetuner.org/articles/why-starting-early-with-retirement-savings-matters

[9] 401(k): http://www.aarp.org/work/retirement-planning/news-06-2011/avoid-sabotaging-401k.html

[10] fees: http://brightscope.aarp.org/personal-401k-fee-report/aarp/

[11] Social Security: http://www.aarp.org/work/social-security/info-05-2012/future-of-social-security-proposals.html

[12] input wanted: https://action.aarp.org/site/SPageNavigator/yeas_socialsecurity_medicare.html

[13] free webinar: http://www.aarp.org/work/work-webinars.html

[14] $50,000 Retirement Trivia Challenge: http://aarp.promo.eprize.com/retirementgame/

[15] job-hunting resources: http://www.aarp.org/work/job-hunting/info-05-2008/job_tips_for_50plus_workers.html

[16] value 50+ workers: http://www.aarp.org/work/on-the-job/info-09-2011/aarp-best-employers-winners-2011.html

[17] @AARPMoney: https://twitter.com/#!/AARPMoney

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