National Retirement Planning Week is October 20-26, 2024

The typical retirement age in the U.S. falls between 62 and 67. A recent survey from Ubiquity Retirement + Savings found that 80% of Americans think saving for retirement is important. However, only 56% are actually saving for it.

National Retirement Security Week happens in the third week of October. Its goal is to raise awareness and encourage people to take steps for financial stability in retirement. The week was created in 2006 by Senators Gordon Smith (R-OR) and Kent Conrad (D-ND).

It promotes financial education and encourages workers to talk to retirement plan professionals. Workers are urged to join employer-sponsored plans when they can.

Quick Facts About Retirement Savings

With thoughtful planning, you can shape a secure retirement. Here are some key insights about how Americans are approaching their retirement savings:

• 28% actively participate in their employer-sponsored retirement plan.

• 21% are enrolled but feel they should be contributing more.

• 20% wish their company offered a retirement plan—they’d jump at the chance to participate.

When it comes to retirement fears:

• 66% worry about not having enough money saved. This concern spans generations, with 33% of Gen Xers and Millennials, and 28% of Baby Boomers sharing this fear.

On starting early:

• 42% began saving before turning 30.

• 32% got started in their 30s.

• 13% delayed saving until they were in their 40s or beyond.

These statistics highlight the importance of early planning and the role employers can play in helping workers secure their financial future.

How to Make the Most of National Retirement Security Week

Building a secure retirement takes consistent effort, little by little. Use this week to jump-start your financial planning—and keep the momentum going!

1. Start Saving

Remember how you saved in a piggy bank as a kid? Now, you have better tools to achieve your financial goals.

If your employer offers a retirement plan, find out if they match your 401(k) contributions—it's like getting free money. Many employers match up to a percentage that increases with your years of service. Try to contribute the maximum amount allowed if possible.

Pro Tip: If you didn’t start saving early, don’t worry. The best time to start is now. The earlier you begin, the more time your investments have to grow. Though markets fluctuate, staying focused on long-term goals pays off.

Fun Fact: In Tennessee, 26% of residents save at least 10% of their income for retirement, followed by Colorado (25%) and Florida (21%).

2. Create a Plan

A strong savings habit begins with a solid plan. Map out where you want to be financially and take small steps toward it. Good savings habits—like budgeting for vacations, cars, or education—help build the discipline you’ll need for long-term financial success.

Pro Tip: Ask if your employer offers a pension plan. If they do, request an individual benefit statement to understand its value. Be sure to check if you have any pensions from previous jobs as well.

Fun Fact: If you’re 50 or older, you can make "catch-up" contributions—saving an extra $7,500 per year in tax-deferred retirement accounts.

3. Tackle Debt

Carrying debt into retirement can make it harder to meet your goals. If you’re in debt, focus on strategies to pay it down. Start by making more than the minimum payments on your credit cards, and try to avoid adding new debt while paying off the old.

Pro Tip: Pay off the card with the lowest balance first, then use the amount you were paying to target the next smallest balance. Also, keep an eye on your bills and statements—if something looks off, call your lender to clarify.

Fun Fact: Time is more important than timing when it comes to investments. Staying invested for the long term helps you ride out market fluctuations.

4. Write a Retirement Plan

Putting your goals on paper can be motivating. Just like planning a vacation helps bring it to life, sketching out your vision for retirement makes it feel more achievable. Think about where you want to live, what activities you’d enjoy, and the lifestyle you want.

Pro Tip: Your retirement plan will evolve over time. Start with a rough outline—do you want to travel, play golf, or finally write that novel? These goals will guide your savings and investment strategy.

Fun Fact: A Roth IRA offers tax advantages, allowing your investments to grow tax-free, giving you more flexibility in retirement.

With these strategies, you’ll be well on your way to securing a comfortable retirement—starting today!

Sources:
https://nationaltoday.com/national-retirement-security-week/
https://thesouthern.bank/blog/its-national-retirement-security-week-are-you-ready/

Disclosures:

This information is an overview and should not be considered as specific guidance or recommendations for any individual or business.

This material is provided as a courtesy and for educational purposes only.

These are the views of the author, not the named Representative or Advisory Services Network, LLC, and should not be construed as investment advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. Please consult your Financial Advisor for further information