Saving for your retirement is essential to comfortably living in old age. The government also makes efforts to ensure that citizens reach their retirement goal. Recently, the U.S. Chamber of Commerce and American Association of Retired Persons (AARP) proposed solutions that will help provide a secure retirement to more people.
Determining your net worth and understanding how much to contribute to reach your retirement goal is essential in making consistent and correct contributions. To calculate your net worth, you need to add the total value of all your assets and income, and subtract it with the total debt.
Payroll deducted retirement saving is a simple method to regularly make retirement contributions. It is important to make the contributions consistently and for a determined period of time to ensure the amount is enough to live off of comfortably after retirement.
Due to a substantial increase in the number of people who will retire in the near future, there is apprehension about their financial security. To ensure that they have the financial stability to lead a comfortable life after retirement, efforts need to be made now. There have been proposals to enhance incentives to individuals to save more. Along with it, greater flexibility and implementation of effective solutions can help more Americans reach their retirement goal.