According to Northwestern Mutual’s 2018 Planning & Progress Study, more Americans are worried about money (44%) than either their personal relationships (25%) or work (18%). So if you’re concerned about having enough money for retirement, you have company. Putting a plan in place can help reduce anxiety about your financial future.
As an important part of planning your 401(k), you should be setting aside money for retirement. If you’re like many employees, you’re doing this in the form of an employer-sponsored 401(k) plan, which you probably signed up for when you were hired. But it’s important to know as much as possible about any investments you make, including your 401(k) plan.
During youth, we often assume we’ll have plenty of time to pay off our debts. As part of a solid financial wellness plan, we know it’s important to become debt-free, but we put it off for another day.
At some point, the government decided that a retiree needed to only save enough to live on 80 percent of their cost of living. But as an experienced Financial Advisor can tell you, that isn’t a hard-and-fast rule.