People everywhere are shedding the effects of fall and winter. But what about dusting off your 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. And if you already have a plan, this is a great opportunity to take another look.
According to a 2011 survey by the Employee Benefit Research Institute, more than half of workers report they’ve put away less than $25,000 in total savings and investments; a whopping 29 percent have less than $1,000 saved for the future.
If you haven’t started already, now is the time to begin saving for your retirement — 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, as compound interest will work to your advantage. Experts agree that saving when you’re young will make a world of difference when the time comes to draw on your retirement savings.
The Retirement Estimator offers an instant and personalized estimate of your future Social Security retirement benefits based on your earnings record. Try it out at www.socialsecurity.gov/estimator.
We encourage saving for retirement, but there are reasons to save for every stage of life. A great place to go for help is www.mymoney.gov. MyMoney.gov is the U.S. government’s website dedicated to teaching Americans the basics about financial education. Whether you are planning to buy a home, balancing your checkbook, or investing in your 401(k) plan, the resources on www.mymoney.gov can help you.
Spring into action! Get started right now at www.socialsecurity.gov. If you have question our number is 1-800-772-1213. The Tyler office is at 5509 S. Donnybrook.
Leo Rossler is a Social Security district manager based in Tyler.