Saving for retirement is something that many Americans forget to do. A study conducted by the Federal Reserve’s Survey for Consumer Finance in 2013, found that 53% of households aged 55 to 64 had savings in retirement accounts. This means that millions of Americans approach retiring age do not have account savings to rely on. However, there are always options available to start saving soon. It’s never too late to start new financial habits.
5 Common Retirement Saving Options
- Social security: This government retirement program can be applied for online, and instructions and details about eligibility requirements are included on their website.
- Pensions: Many workers in the Government, or social services may be eligible for pensions. Talk to your employer about different pension options.
- 401K: These are employer-sponsored retirement plans that allow tax-free contributions to the account, and employer matching contributions in many cases.
- IRAs: These are individual accounts that include tax breaks, and there are different kinds of IRAs. Talking to a retirement advisor can help you locate the best option for your needs.
- Changes in housing: Many aging parents may be free of children and able to move to a more affordable house to be able to start saving for retirement.
Choosing the best option for your retirement is one of the most important choices you can make in a lifetime. Many financial advisors have come under scrutiny for providing accounts with hidden terms and fees, damaging the finances of many people. Some of these practices are illegal, and a New Jersey bankruptcy lawyer can review your case to make sure they are following the law.
New Jersey bankruptcy lawyers at Garland & Mason, LLC are dedicated to help you get out of debt and start saving for retirement.