October is National Retirement Security Month, a time to reflect on the importance of planning for and saving toward a secure retirement.
Contributing to a 401(k) or other employee-sponsored retirement plan, opening an IRA and expanding personal financial knowledge are three ways investors can participate in National Retirement Security Month, says Bill DeWandeler, CFP ® professional and financial advisor with Edward Jones in Franklin, NC.
When asked what they would have done differently, the majority (51%) of retirees say they should have started saving earlier and saved more, according to Resilient Choices and the New Retirement, a a 2023 study by Edward Jones and Age Wave. Yet, while 72% of American workers have access to employer-sponsored retirement plans, almost a quarter of them (23%) don’t participate.
“Saving now for retirement, no matter your age, can make a significant difference in being able to afford the retirement of your dreams. For many of us, the need to boost, or even begin, our retirement savings is critical,” DeWandeler said.
Retirees from the Resilient Choices study overwhelmingly agree (93%) that preparation, flexibility and willingness to adapt are keys to success in retirement. National Retirement Security Week can serve as inspiration to commit, or recommit, to planning ahead for a secure retirement.
During National Retirement Security Month, and throughout the year, Edward Jones offers the following guidance:
Contribute as much as you can afford to a 401(k) or other tax-advantaged employer-sponsored plan such as a 403(b) or 457(b). Spread your 401(k) dollars among the available investments in a way that reflects your risk tolerance and time horizon.
Consider opening and contributing regularly to an IRA if you are eligible. A traditional IRA can grow on a tax-deferred basis, and a Roth IRA grows tax-free, provided you’ve had your account for at least five years and don’t begin taking withdrawals until you’re 59-1/2.
Take action to boost your financial knowledge about preparing for retirement. Here are three resources to get started: Six tips to help ramp up your retirement savings, A Millennial’s Guide to Saving for Retirement and How Can I Balance Saving for College and Retirement?
Bill DeWandeler’s office is located at 81 W Main Street in downtown Franklin.
DeWandeler and branch office administrator Sharon Perdue can be reached at (828) 369-5383. You may also visit their website at www.edwardjones.com/bill-dewandeler.
Edward Jones is a leading financial services firm in the U.S. and through its affiliate in Canada. The firm’s nearly 19,000 financial advisors serve more than 8 million clients with a total of $1.8 trillion in client assets under care at the end of June 2023. Edward Jones’ purpose is to partner for positive impact to improve the lives of its clients and colleagues, and together, better our communities and society. Through the dedication of the firm’s approximately 52,000 associates and our branch presence in 68% of U.S. counties, the firm is committed to helping more people achieve financially what is most important to them. The Edward Jones website is at edwardjones.com, and its recruiting website is careers.edwardjones.com. Member SIPC.