Saving for Retirement

Saving for Retirement

Children are generally afraid of the dark. A line from the old Scottish prayer, “From ghoulies and ghosties, and long-leggedy beasties, and things that go bump in the night…”, evokes that fear of the unknown, which is unsettling. So, the kids’ immediate reaction might be to pull their blankets over their heads and hide.

Believe it or not, that’s pretty much what most of us do when it comes to saving for retirement. We pull the covers over our head and hope that all goes well.

The PNC Financial Group’s semi-annual Perspectives of Retirement survey1 found among a nationwide cross-section of adults ages 35 to 75, almost two-thirds (63 percent) are concerned that Social Security or pensions will not be enough to cover expenses and needs in retirement. It is a fact that less than half of Americans know how much to save for retirement2. Conventional wisdom suggests rules for retirement saving and spending as a percentage of your total assets—but what the question really should be is: How much will I need to save for retirement to have the life I want?

Here are the top 10 Ways to Prepare for Retirement 3:

  1. Start saving for retirement, keep saving, and stick to your goals.
  2. Know your retirement needs.
  3. Contribute to your employer’s retirement savings plan.
  4. Learn about your employer’s pension plan.
  5. Consider basic investment principles.
  6. Don’t touch your retirement savings.
  7. Ask your employer to start a plan.
  8. Put money into an Individual Retirement Account.
  9. Find out about your Social Security benefits.
  10. Ask questions.
  11. We often say that hope is not a strategy. Saving for retirement is never too early or too late. How about turning that concern into action? The Women’s Roundtable will host a gathering on June 25. We would love to hear your thoughts and concerns and see how we can provide support and guidance. Join us.

    The Women’s Roundtable Wine and Cheese Gathering – June 25, 2014 at 6 pm
    Saving for Retirement: Never Too Early, Never Too Late
    (in the series Taking Charge of Your Financial Future)

    Marivic Hammond, Senior Investment Advisor
    Bonnie Bell, MA, MDiv., Principal, and Director of Career/Life Coaching

    Join The Women’s Roundtable for an evening of wine and cheese and conversations with colleagues, friends and professional women dedicated to financial education for women. The women of Bell Investment Advisors will present and moderate discussion on strategies for saving for retirement. This topic of great importance too often does not receive the attention it should, especially from women.

    Click here to for more information.

    1 The Perspectives of Retirement Survey was commissioned by PNC to identify attitudes and behaviors of adults in America. The study was conducted by telephone within the United States February 5 – March 3 2014. Findings for the retired sample are significant at the 95 percent confidence level with a margin of error of +/- 6 percent.

    2 U.S. Department of Labor Employee Benefits Security Administration. Top 10 Ways to Prepare for Retirement.

    3 U.S. Department of Labor Employee Benefits Security Administration. Top 10 Ways to Prepare for Retirement. August 2013 revised.

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