Plan for retirement this week and every weekOct. 21 to 27 is National Save for Retirement Week
Contributing to a 401k or other employee-sponsored retirement plan, opening an IRA and rebalancing one's investment portfolio regularly are but three ways in which investors can ring in National Save for Retirement Week, says Edward Jones Financial Advisor Janet Maher.
National Save for Retirement Week runs Oct. 21-27. The event is designed to promote the benefits of saving for retirement and to encourage workers to take full advantage of their employer-sponsored retirement plans.
"That means much of the responsibility of funding retirement has shifted from employer to employee," Maher said.
During National Save for Retirement Week, and throughout the year, Edward Jones offers the following advice:
Contribute as much as one can afford to a 401k or other tax-advantaged employer-sponsored plan such as a 403b or 457b. Spread 401k dollars among the available investments in a way that reflects risk tolerance and time horizon.
Open and contribute regularly to an IRA. A traditional IRA can grow on a tax-deferred basis, and a Roth IRA grows tax-free, provided you have had your account for at least five years and don't begin taking withdrawals until one is 59-and-a-half.
Rebalance investment portfolio regularly. During the recent recession, many new retirees faced difficulties when they were forced to tap into investment portfolios whose value had dropped significantly. Periodically review and rebalance investments.
"For many of us, the need to boost our retirement savings is critical," Maher said.
Investors concerned about their financial prospects during retirement are not alone. The Employee Benefit Research Institute's 2013 Retirement Confidence Survey found:
Forty-nine percent of those surveyed said they are not confident about being able to afford a comfortable retirement.
Just 46 percent of survey respondents say they and/or their spouse have even tried to calculate how much money they will need to live comfortably in retirement.
Edward Jones provides financial services for individual investors in the United States and, through its affiliate, in Canada. Every aspect of the firm's business, from the types of investment options offered to the location of branch offices, is designed to cater to individual investors in the communities in which they live and work.
In January 2013, for the 14th year, Edward Jones was named one of the best companies to work for by Fortune Magazine in its annual listing. The firm ranked No. 8 overall.