Many households are considering their financial future this time of year and making planning decisions that will ultimately impact retirement. Follow recent coverage on important resources and mistakes to avoid when planning for retirement.
In addition to advocating for older Americans in the halls of Congress, AARP staff and volunteers are working on the ground in all 50 states, Washington, DC, Puerto Rico and the U.S. Virgin Islands to make a difference in people’s lives through advocacy. This year, we have helped enact state policies to support more than 30 million family caregivers and provide thousands of workers with a new way to save for retirement.
This week, we unveiled our new Saving for Retirement ad campaign to empower Americans to take control of their financial futures. In fact, two in five households headed by Americans ages 55-64 have no assets saved for retirement, according to the National Institute on Retirement Security.
May is proving to be a historic month for both workers and employers across the country! Since I last wrote on this topic in February, we at AARP have continued to fight hard to establish Work and Save plans in the states, a convenient way for millions of workers to save for retirement through an easy payroll deduction. And we have great news to report!
We hear it all the time: “ The more you save the more you’ll have.” It doesn’t sound easy when you have a long list of expenses and you’re trying to live day to day. But the key here is putting away as much as you can each month to reap the financial benefit in the future.
We all rely on advice — from friends, family and, at times, complete strangers. Sometimes you get good advice and other times you get advice that is not in your best interest. But if you get advice from a professional like a doctor, a lawyer or a financial professional, you should be able to rely on knowing that it will always be in your best interest.
Crisp autumn air reminds me of my elementary school days in Upstate NY – and of my Mom's hard work and dedication. My Mom worked the "vampire shift" at Tommy Tucker bakery – injecting doughnuts with jelly from 9 at night to 5 in the morning. She'd arrive back at home in time to wake my brother, sister and me, cook a hot breakfast and send us off to school. And, every Friday on her pay day, she'd take us to the bank to cash her check and set aside a small portion of pay in a Christmas club savings account. No matter how small the check, she always saved something for the St. Patrick's Church collection basket and something for the future.
Whom do you turn to when you need advice on managing your personal finances? A family member? A close friend? Or do you have a financial planner on speed dial? When there is mention of a financial planner, people often think it’s a service for the wealthy. It’s time to debunk that myth. Financial planners are not only for those with lots of money, they are for anyone needing to get financial matters in order. If you don’t think it’s true, check out one of the free Financial Planning Days events happening in your city from Oct. 3 through Nov. 7.
Whether your children are 14 or 40, if you are at or near retirement age you must have a conversation about money. The conversation should be age-appropriate, and designed not to frighten, but to inform. Still, 13-year-olds need to know how much college you can afford for them, and 30-year-olds should have a sense of how much money you will have to support yourself when you will retire and what kind of help you may need from them.
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