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Don Faller, CFP C(k)P

Don Faller, CFP C(k)P, has built a nationally recognized reputation as an expert in matters pertaining to the financial operation of ERISA plans and related retirement benefit programs.

Three Ways to Ensure the Continuation of the American Retirement Dream

 

Frequently, the news about retirement is pretty pessimistic. Pensions no longer exist for most workers, we aren’t saving enough, and Social Security is going to disappear. However, things may not be as bleak as they are often painted. If you’re a retirement plan sponsor, you may be wondering how you can help your employees prepare for retirement. Retirement plan consultants suggest three ways that anyone can use to help them retire:

  1. Start saving now. No matter what your age or financial circumstances, you’ll improve your retirement prospects if you start saving now. Ideally, you should set aside at least 10 percent of your income, but it’s more important to get started than to worry about exactly how much you can save. An employer-sponsored retirement plan can help you by allowing you to save pre-tax dollars, and the interest on your funds also accumulates free of taxes. You will be taxed at your normal rate when you withdraw funds. If your employer matches all or a portion of your contribution, that will immediately boost your savings.
  2. Choose appropriate investments. It’s important to balance your personal tolerance for risk against potential gains. While conservative investors might want to put all their funds into savings, like money market accounts or certificates of deposit, returns on those types of accounts are low, and often barely outpace inflation. Even conservative investors may need to have a portion of their assets in investments with a higher potential return, such as stocks, to help their portfolios grow.
  3. Maximize your retirement income One way to increase your income in retirement is to work longer. You’ll have more time to save, and waiting to claim Social Security means you’ll get a larger benefit later. Even working part-time will help your retirement income. Other ways to maximize your retirement include downsizing your home and/or moving to a location with a lower cost of living.

If you’re a retirement plan sponsor concerned about your employees’ retirement readiness, The Participant Effect can help. As retirement plan consultants, we work with plan participants to help them prepare for retirement. We rely on The Participant EffectSM, a program that uses behavioral finance to help employees understand the psychological barriers they have toward saving and turn those weaknesses into strengths. For more information, contact FiduciaryFirst at 866-625-4611.

Tracking Number: 1-577451

This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

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Contact Details

1060 Maitland Center Commons

Suite 360

Maitland, FL 32751

Phone: 866-625-4611

Fax: 407-740-6113

Email: info@fiduciaryfirst.com 

Disclaimer

Retirement Plan Consulting Program and other advisory services offered through LPL Financial, a registered investment advisor.

This information was developed as a general guide to educate plan sponsors, but is not intended as authoritative guidance or tax or legal advice.  Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.  In no way does advisor assure that, by using the information provided, plan sponsor will be in compliance with ERISA regulations.

 

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