Wednesday, March 11, 2015

What is your plan for when you retire?

Sheryl Baumeister,
Human Resources
Having just returned from vacation to see our son and his family in Texas, the thought of retiring there, when the time comes, is pretty appealing. However, retirement doesn’t just happen.  It takes planning and commitment and, yes, money.

Have you calculated how much you will need for retirement? The average American spends twenty years in retirement. Putting money away for retirement is a habit we can all live with. Remember, saving matters.

If you are not saving, it’s time to get started. Start small if you have to and increase the amount you save each quarter. The sooner you start, the more time your money has to grow.

If your employer offers a retirement plan, such as a 401k, sign up and contribute as much as you can. Your taxes will be lower, and some companies offer matching funds. Learn about investment options and ask questions. Put your savings in different types of funds to reduce your risk and improve your return. Your investment mix may change over time depending on a number of factors, including your age, goals and financial circumstances. Financial security and knowledge go hand-in-hand.

Once you begin putting money into a retirement plan, don’t touch it. If you withdraw your retirement savings at any time, you’ll lose principal and interest. You may even lose tax benefits or have to pay withdrawal penalties. If you change jobs, leave your savings invested in your current plan or roll them over to an IRA or your new employer’s plan.

It’s never too late or too early to save. Any funds you can put away will benefit you in retirement.

This article originally appeared in Modern Memorialization, Trigard Memorials' weekly electronic newsletter featuring information for the funeral industry. Sign up for your free subscription at

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