Senior vice president
When it comes to saving for retirement, many individuals are confused about how to start. It can be intimidating to navigate the process alone, especially if you don’t have an understanding of how much money you should be saving. Luckily, financial advisors and retirement providers are able to support retirement savers with helpful tools that help answer the question: “How much is enough?”
Here are five suggestions for retirement savers looking to set and track the progress towards their goals:
- Get started. The easiest way to stop worrying about retirement is to start saving now. Begin by saving a percentage of your paycheck that works best for you. As you are able to save more, you can start to increase your contributions. It’s important to remember that any amount of money, no matter how small, makes a difference. The key is to start early and put time on your side.
- Speak with a financial advisor at least once annually to review your progress. Financial advisors can help employees determine if they’re on the right track with their savings. By meeting regularly with a financial advisor, savers establish a sense of security and confidence in their strategy. A reliable advisor will be a source of motivation and comfort when times look uncertain.
- Take advantage of tools that will help you set and refine your goals. Ascensus offers different resources to help employees reach their savings goals. Our employee website allows participants to keep track of their retirement goals from their desktops and mobile devices, so they can conveniently manage their savings strategy. We also offer access to our Retirement Outlook tool, which helps them determine optimal savings rates.
- Consider leveraging automatic features. The easiest way to continue to grow your savings is to save automatically. Savers can leverage automatic increase options to ensure their savings rate increases annually.
- Revisit your savings strategy when there are milestones or changes in your financial life. Many individuals will increase their savings percentage after job promotions or career milestones. An increase in income may lead to an increase in spending, so it’s important to also consider this opportunity as a way to increase your retirement savings. It’s key to find a balance between spending and saving.
By consistently assessing your retirement savings goals, you can track your progress and determine if you need to make adjustments. Are you wondering how often you should evaluate your progress? It’s best to check your account at least annually, unless you are experiencing a significant life event or income change.