RETIREMENT LIVING
SPECIAL ADVERTISING SECTION
seriously about what we will need to successfully retire.
In the past, the years leading up to retirement have been a
time of hope and optimism. We’ve looked forward to fulfilling our
dreams of doing the things we might have missed while working,
such as dedicating more time to family and friends, checking items
off a bucket list, or even pursuing a meaningful second career.
However, many of the traditional assumptions about this phase
of life have been challenged over the past decade, including the
idea that we’ll retire at 65. In fact, MetLife’s Evolving Retirement
Model Study found nearly one in 10 workers — 9 percent —
never expect to retire. Many of us are choosing to continue
working and, in light of the current situation, some who have
already retired, especially those in health care, are even being
asked to return to work.
What’s behind this change? It turns out that it’s more than just
the current market volatility. Perhaps one of the most significant
reasons is the decline in company-financed pensions. Many
companies have shifted from defined benefit, or pension, plans,
which promise retirees a monthly income benefit for life, to
defined contribution (DC) plans. DC plans, such as 401(k)s, are the
main source of retirement savings for most workers.
While employers often make contributions to these plans,
workers are primarily responsible for their retirement security.
With this in mind, there are three key steps you can take now
to prepare for the years after you finish working regardless of
whether that day is decades away or just over the horizon.
1. CREATE A PLAN TO ELIMINATE DEBT
Whether you carry a balance on a credit card, have student
78
loans or a mortgage, start paying off your debts now.
Reducing your monthly expenses not only allows you to save
more for retirement, but also gives you more flexibility with how
you spend money after you stop working.
2. MAKE RETIREMENT SAVINGS AUTOMATIC, AND
DON’T MISS OUT ON “FREE MONEY.”
Many employers offer a retirement savings plan, such as a 401(k),
to their employees. The sooner you begin saving, the sooner your
savings can begin to build up over time. Help your nest egg grow
even faster by contributing enough to take full advantage of any
matching contributions your employer offers. For example, your
company might match 100 percent of your contribution, up to 6
percent of your salary. In other words, if you earn $50,000 a year
and save at least $3,000, your company will match that amount by
contributing $3,000 to your retirement as well.
3. UNDERSTAND HOW YOUR RETIREMENT SAVINGS
TRANSLATES INTO INCOME.
Take the time during your working years to understand how
much income you might receive in retirement based on your
retirement savings. The U.S. Department of Labor offers a simple
retirement income projection tool that can help you get started.
If you see that projections are falling short of where you think you
might need them to be, consider filling the gap by increasing the
amount you are saving. Additionally, if you are over the age of 50,
you can make catch-up contributions to your 401(k) or individual
retirement account.
— Brandpoint
PROMOTIONAL FEATURE
4900 SE Willoughby Blvd,
Stuart, FL 34997
772.618.1565
SymphonyatStuart.com
HIGHLIGHTS
Stuart’s premier
supportive
independent,
assisted living
and memory care
community. Call to
schedule a tour.
S ymphony at Stuart is orchestrated to every fine detail & offers
so many amenities to seniors who wish to maintain their
independent lifestyle. It is a community of it’s own. New to
Stuart since August of 2017, it is a beautiful, well maintained facility
with a choice of living options, the spacious studio, the one or two
bedroom apartments all outfitted with lovely, peaceful décor.
Elegant, chef prepared dining choices offered daily in a social
atmosphere in their own Anastasia’s Restaurant or lite fare in the
Descano Café. Private dining available for entertaining family and
friends.
Full service Matanza’s Pub is a good stop for your favorite cocktails
or wine. You can work out in their modern fitness gym, have hair cut
and styled at the Strands Salon or see a movie at their state of the art
Alcazar Theatre. There are educational, entertainment activities and
special events on their calendar. On site therapy & wellness services,
transportation, housekeeping and linen service, 24 hour emergency
call system & additional services as well are available.
Symphony at Stuart is a welcoming place with a professional staff
to meet your needs.
/www.symphonyatstuart.com
/SymphonyatStuart.com
/www.symphonyatstuart.com
/SymphonyatStuart.com
