Next week we are dedicating the blog to participants of retirement plans. Participants (the employees of a company who are participating in an employer’s retirement plan option) are the people who drive the work that we do. In fact, without participants to partake in a retirement plan, there wouldn’t be much need for a TPA now would there?
Before we jump into next week’s content, we wanted to take some time to talk about the importance of retirement planning. Now, more than ever, it is essential for people to be actively planning for their later years in life. Gone are the days where people start to consider saving for their retirement when they enter their 30’s and 40’s. In fact, with the retirement age continuously being pushed back, it’s necessary for people to start considering funding their retirement plans as early as their 20’s.
There are a few factors causing this sense of urgency when it comes to packing as much savings as we can into our retirement account. From the uncertainty surrounding ‘safety nets’ such as social security and pension benefits (who remembers Enron?) to an increase in medical expenses, people are finding it more troublesome to safely leave the working world with confidence in their expected retirement income.
So, how can you combat these factors as you gracefully age in the workforce? By utilizing the various saving tools that are offered to you individually as well as the ones provided by your employers. Diversifying your money by investing in IRA’s or a private savings account along with opting into your employer’s retirement plan will allow you to have multiple sources of savings that individually play into the current stock market. You can also bring on a financial advisor who can guide you through the evolving market and help you benefit from your investments over the years. These sources of ‘savings’ will provide you with the security of being able to retire at an age that works for you without any financial worry.