Daily Dupaco

Tuesday, April 05, 2011

How to feel better about your retirement

By Emily Kittle

Will you be able to retire comfortably?

A growing number of Americans aren't so sure.

The 2011 Retirement Confidence Survey finds workers are more pessimistic about that prospect than at any time during the past two decades, according to the Employee Benefit Research Institute. And many people admit they aren't planning or saving for it.

Workers who say they are "not at all confident" about having enough money for retirement climbed to 27 percent in 2011, up from 22 percent one year ago.

"I think the survey points out that folks are feeling the disappointment and frustration of these tough times," said Ann Black, a spokeswoman for AARP Iowa.

Need to get on track with your retirement planning? Consider these tips from Black and the Home & Family Finance Resource Center:

  • Don't wait until the last minute to start planning. Get a retirement checkup with your financial advisor, and look at the whole picture: your 401(k), IRAs, monthly budget, debt and other factors.
  • The old rule of thumb is that your retirement income should be at least 70 percent of your current income. But that doesn't work for everyone anymore. Traveling and entertaining, for instance, cost money.
  • Use AARP's free retirement calculator, 401(k) contributions calculator and other retirement tools to project how much money you'll need.
  • Find out how much money you can expect from Social Security. Benefit calculators will estimate your future retirement, disability and survivors benefits.

 

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