The Herald Bulletin

Morning Update

Columns

April 7, 2014

Charo Boyd: Dust off your financial plan

Spring is officially here. Before you get started with your spring cleaning, perhaps another matter deserves some dusting off — that long-term financial plan.

April is National Financial Literacy Month — the perfect time to spring into action when it comes to planning your financial future. If you already have a plan, this is a great opportunity to take another look at it and make sure you’re still “on track” to reach your financial goals.

According to a 2013 survey by the Employee Benefit Research Institute, the past few years have seen a sharp decline in Americans’ confidence about their retirement savings. Only 13 percent of workers feel very confident about having enough for a comfortable retirement and 28 percent are not at all confident. More than half of workers have less than $25,000 in total savings and investments. Twenty-eight percent of workers have saved less than $1,000.

If you haven’t begun saving for retirement, now is a good time to start — no matter what your age. If retirement is near, you’ll want to jump into the fast lane right away. If you’re younger and retirement seems a lifetime away, it’s still in your best interest to begin saving now. Here’s how much the magic of compound interest will work to your advantage. For example, a 25-year old who begins saving $100 a month and earns a modest 5 percent interest will have more than $150,000 at age 65. Save $200 a month and you’re looking at more than $300,000. Experts agree that saving when you’re young will make a world of difference when the time comes to draw on your retirement savings.

Don’t just take our word for it. You can check out the numbers yourself. A great way to start figuring out how much you will need for retirement is to use Social Security’s online Retirement Estimator, which offers an instant and personalized estimate of your future Social Security retirement benefits based on your earnings record. Try it today at www.socialsecurity.gov/estimator.

Text Only
Columns
Featured Ads
More Resources from The Herald Bulletin
AP Video
Furry Roommates: Dorms Allowing Cats and Dogs Chase Rice Defends Bro-Country 'Jersey Shore Massacre' Pokes Fun at MTV Series Raw: Wash. Mudslides Close Roads, Trap Motorists DC's Godfather of Go-Go Honored Ukraine Calls Russian Convoy a 'direct Invasion' Girl Meets Her 'one in the World' Match Coal Gas Boom in China Holds Climate Risks Japan Landslide Rescuers Struggle in Heavy Rain Raw: Severe Floods, Fire Wrecks Indiana Homes Endangered Red Wolves Face Uncertain Future Raw: Russian Aid Convoy Arrives in Ukraine Okla. Policeman Accused of Sex Assaults on Duty Dominican Republic Bans Miley Cyrus Concert Raw: Israeli Air Strike in Gaza Raw: Bodies of MH17 Victims Arrive in Malaysia Attorney: Utah Eatery Had Other Chemical Burn
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Helium debate
Helium
Front page
Poll

Do you think heroin is a significant problem in Madison County?

Yes, it has surpassed meth as the problem drug
Yes, but meth is still a bigger problem
No, this was an isolated case
Not sure
     View Results