Poll: 88% of American voters worried about retirement – And you should be too

This post highlighted the results of a new national poll released by Americans for Secure Retirement, Lake Research Partners and Public Opinion Strategies. The poll found, “88% of 800 registered voters said they were concerned about maintaining a comfortable standard of living in retirement, up from 73% last year.”

Even the Government Recommends Extra Security to Survive Retirement

Even the government is worried about individuals having enough resources to get through retirement and they made it clear in a study from the Government Accountability Office (GAO). The GAO recommended that retirees might want to delay Social Security benefits and invest in an annuity to provide enough money to last through the “golden years.

Family Talk – Planning for Retirement

In June, Americans for Secure Retirement and a number of their coalition partners provided questions to help get parents, spouses, siblings and all loved ones talking about the financial realities of retirement.

Why Women Should Save More for Retirement

For generations, women have faced several obstacles in the workforce. And although they have overcome most of these challenges, there is one issue that still plagues them – retirement. This post highlighted some of the greatest obstacle that women face in their quest for a secure retirement.

The Retirement Earthquake: Finances on Shaky Ground

In August, the East Coast felt the shock of a 5.9 magnitude earthquake. The earthquake isn’t the only thing that caused shakiness amongst Americans – financial insecurity also caused, and still causes, some tremors and panic amongst families from coast to coast.

Wise words from a wise person. In the New Year, such wisdom can be put towards the financial planning you incorporate into your retirement savings plan. Another year to revamp on financial educational tools, save a little more, save a little smarter, all in all another chance to get it right. USA Today is helping us get a jump start with a very informative guide on the process of picking and settling on what kind of annuity is right for you.

It can be comfortably agreed upon that an annuity is a set paycheck for life. Annuities are great for stability and guarantee that a set income will be coming to you regularly. Another important take away from the article is to not be afraid to ask your financial planner endless questions. There is less harm in doing the research now than having to deal with the consequences of not knowing.

Twelve Drummers Drumming – Be sure to maintain a steady drumbeat of contributions to your 401(k) plan. In the past, many workers were able to rely on Social Security for financing their golden years. As a part of the Baby Boomer generation, Social Security should only be taken as a supplement to your retirement income but never the sole source of income. To steadily and consistently save towards your 401(k), study your current finances to see how much you are able to save monthly. If your employer offers a match program, be sure to take advantage of this option to help increase your savings. Overall, be sure to add as much to your 401(k) plan as possible.

So this year, while you are singing The 12 Days of Christmas, make sure you take some time each day to evaluate your financial future.

It’s day eleven of The Retirement Reality’s 12 Retirement Tips of Christmas. If you missed any of the previous tips, be sure to click here.

Eleven Pipers Piping – This Christmas, make sure to have a steady pipeline of income for your retirement by considering purchasing a deferred annuity. A deferred annuity is a long-term vehicle, designed to accumulate assets over time. When a retiree is ready to receive income, usually at retirement, the accumulated savings are converted into a steady stream of guaranteed income for the chosen period of time.

Ten Lords a Leaping – For recent graduates and the newly employed, make sure to leap into your retirement planning at an early age. Currently, eight in 10 Generation Y workers will not meet all of their financial needs in retirement unless they significantly improve their saving behaviors. But it’s not all bad news, with proper planning, careful attention and a diversification of retirement vehicles that, when combined, will provide a steady stream of income in retirement, those in the workforce can ease the insecurity one has about their golden years.

Nine Ladies Dancing – On the ninth day of Christmas, nine ladies came dancing. But ladies, if you want to keep your dancing shoes on throughout retirement, you need to make sure you pay even closer to your financial savings then your male comrades. Women work an average of 12 years less than men do over their lifetimes, often due to family care giving responsibilities, meaning they have 12 less years to prepare for retirement. What’s more, on average women have median earnings that are about $10,000 less than those of working men. These disparities lead to lower savings and retirement income and smaller payouts from Social Security, ultimately resulting in a greater risk of poverty in retirement. Meaning it’s a good idea for women to get serious about their retirement savings.

Eight Maids a Milking – Agriculture is one of the largest industries in the U.S. Unfortunately, they are one of the most at risk in retirement. Farmers and agricultural workers are less likely to be covered by traditional pensions, forcing them to rely on Social Security at a much greater rate than those in other sectors at a time when Social Security on average only covers two-thirds of retirement needs. In fact, only 30 percent of the agricultural workers in the United States work for an employer that sponsors some form of retirement plan, either a traditional pension or 401(k). This means that for a majority of farm workers, it is up to individuals to plan and save for retirement and then manage these savings so they provide an adequate standard of living for the rest of their lives.

Seven Swans a Swimming – You don’t want to be swimming in debt during your final years, so find a retirement plan that will work for you. Many Americans are finding themselves heading back into the labor force, or remaining at work late into their sixties, because they did not adequately plan for their retirement or their retirement savings took a hit during the recession. During retirement, you don’t want worry yourself over unpaid mortgages or old credit card debt. As you save and invest, take your current standard of living into account so that and plan for a retirement that fits your lifestyle. Educate yourself about the options available to you – including traditional savings, investments, annuities and pensions – and start planning!

Six Geese a Laying – Laying the plans out for your retirement now will help you avoid stress and debt later in life. Educate yourself about how much you need to save in order to maintain your current standard of living. To wait until middle-age to start planning is to wait far too long.  Indeed, workers should begin planning for your retirement in their early 20′s. Younger generations in particular will face many more challenges, including less generous Social Security benefits and the continuing decline of traditional pensions. Start planning for retirement now:  set goals, save up, and be sure to invest in a mix of retirement vehicles, that way your savings are protected in case the stock market takes an inopportune dip.