According to the Employee Benefit Research Institute, only 42% of workers feel confident about having enough money for a comfortable retirement. With workers having to rely more on personal savings strategies then ever before, planning for retirement is of the utmost importance.
On July 20, 2023, Dave Herlihy, Senior Vice President of Wealth Management at Slavic401k, and John Slavic, President and CEO of Slavic401k, presented a webinar discussing basic strategies for saving for retirement.
Download the slide deck and watch the webinar recording above.
Saving for Retirement Webinar: Key Takeaways
- The top retiree spending categories are housing, transportation, healthcare and food.
David Herlihy, SVP, Wealth Management
- There are many key factors that help determine when you should begin saving for retirement, including current age, expected retirement age, planning with a spouse/family, and more.
- Social security only replaces 40% of the average worker’s income in retirement. The rest of the gap is up to you.
- Delaying social security can help your income when it comes time to retire. If you wait 8 years, you can receive over $1,000 more than if you took payments beginning at age 62.
- The earlier you begin saving for retirement, the more you can maximize the benefits of compounding interest.
- If you are able, maximize your retirement savings opportunities:
- Max out your workplace savings plan ($22,500 in 2023)
- Make catch-up contributions, if eligible ($7,500 in 2023)
- Fund a traditional and/or Roth IRA (up to $6,500 plus $1,00 catch-up in 2023)
- Take advantage of other tax-advantaged savings (like annuities)
- Make sure you consider investments with the potential to outpace inflation.
- Evaluate your portfolio to minimize retirement risk.
- Pay down debt, build an emergency fund, verify beneficiaries and review your estate documents (will, trust, etc.).
- Plan today for your future health care costs.
- Align your portfolio with what is important (i.e. growth-oriented, income-oriented or cash equivalent)
- Keep your money invested (7 of the 10 best performing stock market days were within 15 days of the 10 worst days).
- Always remember that saving for retirement is a marathon and not a sprint.
For more in-depth information on the topics above, as well as real-life examples, watch the webinar recording above.