According to the Employee Benefit Research Institute (EBRI), many Americans are falling short when it comes to saving for retirement. In 2015, 28% of Americans had less than $1,000 dollars saved, and a whooping 64% had less than $50,000. And although the savings so far are not much, the confidence of those interviewed believe they will have enough money saved by the time they retire. How can that be possible you may ask? One of the reasons they believe they will have enough saved for retirement, is because they have started a retirement account and have started contributing to it. They believe that now that they have started, they will continue saving till the time comes to retire.
While retirement plans are not always available through their employers, many individuals should be happy to know that the ease to open a retirement account through other mediums is fairly easy and pain free. There are many companies out there that can have an account open for you within minutes, and can give you a list with a few steps to follow to roll over a 401(k) retirement account from another brokerage firm.
Remember to do a bit of checking to find out which companies offer you the best deal for you. If your current brokerage firm’s management fees are eating up your earnings, remember there are many companies with lower fees that can do better, or comparable to what your current firm is doing. There is no need for you to stay with an investment company that takes all your earnings, and the initial capital invested has not grown.
Wealthfront is an online investment company where investment for a new person should be pretty easy to understand. They advertise zero trading fees, zero hidden fees, and if you need the help of an advisor, their cost is a fraction of other traditional advisors. Wealthfront is an example of the many investment companies that you can turn to when beginning to invest for your retirement.
If you are wondering whether you need to keep or buy a life insurance policy for when you retire, talk to an advisor right away, specially if you have no other dependents to take care of, or your children are all grown up.
Long-term care insurance coverage is probably one of the many concerns Americans have for when they retire, and many are unaware of the costs. But even if you managed to saved enough for retirement, needing long-term care at a hospital or nursing home can eat up your savings pretty quickly. So planning for long-term care insurance coverage now, can help protect your savings in the future.
Protect your investments and your retirement by making good decisions now. Talk to a professional advisor to find out what you need to do now, to retire comfortably.