Shift Your Retirement Savings Into Overdrive
Since Social Security replaces only about 40% of pre-retirement income, additional funds will be necessary for just a basic life in retirement never mind anything that includes lots of travel and activities. Sam Swanson lists five incremental changes that can make a huge difference for someone still in the workforce: 1. Increase your 401(k) contributions by one percent; 2. Open a Roth IRA; 3. Become a do-it-yourself investor; 4. Leave it alone, as in select a few low-cost index funds, invest regularly, and leave the funds there until retirement; 5. Roll over your savings if necessary on leaving a job. Full article here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.