By Brittany Wonnell, RD
The average American spends 20 years in retirement, and fewer than half of Americans have calculated how much they need to save for this time, according to the US Department of Labor. Saving for retirement is habit we should all understand and see importance in. Learning about your retirement plan through financial advisors and your human resource department at work are helpful tools. The US Department of Labor suggests the following 10 ways to prepare for retirement.
- Start saving, keep saving and stick to your goals.
- Know your retirement needs.
- Contribute to your employer’s retirement savings plan.
- Learn about your employer’s pension plan.
- Consider basic investment principles.
- Don’t touch your retirement savings.
- Ask your employer to start a plan.
- Put money into an Individual Retirement Account.
- Find out about your Social Security benefits.
- Ask questions.
For more information on these suggestions and planning for your retirement visit the US Department of Labor online.