The days of guaranteed pensions are history. With little or no savings, fewer people feel confident in their ability to support themselves after they retire.
Washington, DC (PRWEB) March 12, 2015
While Americans observe National Retirement Planning Week® April 13 through 17, thousands will reach the age of 65 without adequate financial preparation for their golden years. A national financial literacy survey commissioned by the National Foundation for Credit Counseling® (NFCC) and conducted online in 2014 by Harris Poll revealed that 32 percent of Americans are not contributing any portion of their household income toward their retirement savings.
“The days of guaranteed pensions are history,” said Bruce McClary, spokesperson for the National Foundation for Credit Counseling. “With little or no savings, fewer people feel confident in their ability to support themselves after they retire.”
It is never too early or too late to focus on savings, especially when it is in preparation for a secure retirement. Here are some tips that can help boost retirement savings:
- Between the age of 21 and 30, the cost of education becomes a major hurdle as the long process of student loan repayment begins. Trouble with this debt can put retirement savings plans on hold. Getting help from a nonprofit student loan counselor at this stage can help avoid costly interruptions in growing retirement savings.
- Between 30 and 45, building wealth is an essential goal. In addition to retirement savings, home ownership allows people to build equity in their property as they pay down their mortgages. To stay on track, it is wise to get advice from financial counselors through free programs like Sharpen Your Financial Focus.
- After the age of 45, it is a good idea to increase contributions toward retirement savings while reducing budget expenses. Downsizing should also include credit card debt. If debt management is a problem, speaking with a nonprofit credit counselor is a good way to identify solutions.
“Retirement should be something to celebrate”, continued McClary. “Focusing on savings and debt management at an early age helps keep financial stress out of the picture.”
Follow the NFCC during Retirement Planning Week for daily tips on Facebook and Twitter. For personalized help from a financial counselor, visit http://www.nfcc.org or call 800-388-2227.
The National Foundation for Credit Counseling (NFCC), founded in 1951, is the nation’s largest and longest serving national nonprofit financial counseling organization. The NFCC’s mission is to promote the national agenda for financially responsible behavior, and build capacity for its members to deliver the highest-quality financial education and counseling services. NFCC Members annually help millions of consumers through more than 600 community-based offices nationwide. For free and affordable confidential advice through a reputable NFCC Member, call (800) 388-2227, (en Español (800) 682-9832) or visit http://www.nfcc.org.