A new study by the nonprofit Transamerica Center for Retirement Studies uncovered a group of "Power Planners"—ordinary American workers who are in the driver's seat on the road to retirement readiness. Here are seven keys to their savings success:
1. Calculate your retirement income needs.
2. Develop a savings strategy and write it down.
3. Get educated about investing.
4. Join your employer-sponsored retirement plan!
5. Remember: Your retirement plan is part of your total compensation.
6. Take advantage of the federal Saver's Credit if you qualify.
7. Talk retirement with family and friends.
Attend a Transamerica Retirement Readiness webinar and learn about the five key areas—Lifestyle, Investments, Health Care, Protection, and Income—that are critical to a more successful and sustainable plan for life after work; get valuable tips on Social Security, Medicare, and building an income strategy; and identify next steps based on your unique situation.
Resolved to spend less and save more this year?
You're just three steps away from accomplishing your goal.