Depending on how you feel about personal finance, retirement planning is either nowhere on your radar or it’s a major financial priority. Perhaps you’re somewhere in between. Regardless of how you feel about the planning process, the important thing is that you’re saving enough money so you can live comfortably during your golden years. However, that goal will be nearly impossible to reach if you aren’t taking steps toward building your nest egg. Don’t let the years go by until one day you look up, and all that’s left in your nest are a few feathers and old branches. Assess your retirement savings approach now before it’s too late.
If you find you’re not saving enough for retirement, there are plenty of people in the same boat. According to Northwestern Mutual’s Planning and Progress Study 2016, two-thirds of Americans believe there’s some chance they’ll outlive their savings; about 14% believe there’s a 100% chance they’ll prematurely run out of retirement savings. Unfortunately, 44% have done nothing about the possibility of going broke during retirement.
The study’s researchers said this failure to prepare is unsettling considering concerns about the future of Social Security. “The prospect of an extended retirement in an environment of diminishing safety nets makes it even more essential that your financial plan is flexible enough to stretch as long as needed,” Rebekah Barsch, vice president of planning for Northwestern Mutual, said in a statement.
Planning for life after you leave the workforce is essential. Here are six signs you’re saving enough for retirement.