NORWALK, CONN (PRWEB) May 23, 2006
Living well may be the best revenge, as the axiom goes, but living well for longer is a more useful goal. Unfortunately, too many Americans these days aren’t able -- or willing -- to put money away for their retirement. DealPass, an online savings portal, offers visitors a variety of ways to save money in the short term, savings that can be redirected toward any number of options that can help pave the way toward a more comfortable post-career life.
According to the Bureau of Economic Analysis (BEA) Gross Domestic Product Report from April 2006, U.S. personal savings, i.e., disposable personal income minus personal expenses, was negative $50.5 billion in the first quarter of 2006. The personal saving rate was negative 0.5 percent, which means that, as a whole, we’re spending more than we’re earning.
Given the recent hikes in gas prices and ever-increasing healthcare costs, it’s easy to see why many household budgets have been stretched very thin. However, even in difficult economic times, it’s imperative that you sock some money away for your retirement. DealPass, which offers grocery coupons, special deals, membership savings programs and more, is a great place to find ways to reduce your monthly expenses.
To help send you off into retirement (whenever that day comes) with more than just a watch and a handshake, DealPass offers a few suggestions on building a nest egg:
--Start now. Procrastination is not a viable savings strategy. Pick an amount or a percentage of your current paycheck that you can afford to divert into an individual retirement account (IRA), a 401(k) or even just a savings account. It doesn’t have to be a large amount (although “the bigger, the better” holds true); even $25 per paycheck is better than nothing.
--Give at the office. If your company offers a 401(k) plan, ask for details, consult with a financial expert, and sign up if the plan works to your benefit. If you can make your contributions through an automatic payroll deduction, do so; that way, you won’t be tempted to spend the money elsewhere. Also, many companies match a certain percentage of their employees’ contributions, which is essentially free savings, but the only way to receive it is to contribute yourself. (FYI: The 2006 maximum for 401(k) contributions is $15,000 for people under 50; if you’re 50 or older in 2006, you can contribute up to $20,000.)
--Open an IRA. IRAs are easy to open, and your options are plentiful. Whether you choose a traditional IRA, a Roth IRA or both, you can save on taxes even as you’re saving for retirement. Contact your local bank or a financial consultant for more information.
--Track your Social Security earnings. While Social Security was never intended to be the sole source of income for retired workers, it can and does offer a dependable monthly check to retirees and disabled citizens -- and it can and will continue to do so for the foreseeable future. If you’re already contributing to Social Security (and you probably are), you should be receiving a Social Security Statement every year that provides an ongoing summary of your estimated retirement benefits. Be sure to check your statement so you can forecast your retirement income and calculate how much more you may need to save in order to enjoy your golden years.
Ideally, your retirement will be spent in the company of friends and loved ones, comfortably passing the time in a manner of your choosing. The best way to make that happen is to start planning -- and saving -- immediately, notes DealPass.
DealPass.com is an online portal for Adaptive Marketing LLC's membership programs. Adaptive Marketing LLC is a leading provider of membership discount programs. Headquartered in Norwalk, Conn., Adaptive Marketing is a category leader in both membership and loyalty programs, bringing value direct to consumers through an array of benefits in healthcare, discounts, security, personal property and personals available through DealPass.
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