Workplace retirement savings plans are one of the most effective tools workers can use to better prepare themselves for retirement. Taking the time to maximize your savings through your plan today can go a long way toward saving for the future. Consider taking the following steps to make the most out of your workplace plan.
You are exposed to five potentially catastrophic financial risks, unless you are lucky enough to be in the top 15% of wage earners who have substantial retirement savings. The top 15% are the chosen few who were lucky enough to work for the right companies or disciplined enough to begin saving for retirement at a fairly young age.
Forty is the new 30, 80 is the new 60. It's great that we are living longer, but the financial challenge of living longer may mean not only planning for extended retirement years, but also caring for an aging parent or adult child in ways that can take a solid bite out of any well-laid financial plans.