Sunday, December 08, 2019

Make a Plan for Retirement

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When it comes to retirement, most people know what to do; they just don’t know how to go about doing it. An article titled, “Retirement planning a 'significant hurdle' for employees,” on Employee Benefit News, list the three main components of retirement preparation: knowledge, planning and having.

Apparently, the planning stage for retirement is the most difficult component while also having the best possibility for improvement. According to the Voya Retire Ready Index, devised by Voya Financial, Inc. and based on two surveys, nearly half of all workers have at least some type of budget or financial plan.

While people generally understand certain financial concepts, the survey found that they were not able to apply that knowledge and act on it to better prepare for retirement. Fortunately for most employees, they still have plenty of time to change that.

By calculating what they need for their monthly income based on their current spending, workers felt more confident in their ability to retire. Further boosting this confidence was the use of self-directed budgeting and financial planning tools.

The study highlighted the need for most Americans to improve all aspects of their retirement readiness and that support should be given by employers to assist workers in ensuring their financial security once they’ve left the workforce. With the proper planning, everyone, regardless of income, should be able to attain their retirement goals.

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