When this point in the year rolls around, often, people wonder where the time has gone and start waxing sentimental (or depressed) about all the unmet goals and broken resolutions. Well, today is the day that you can make a change. You can do something small that could have a big impact on reaching your future goals and dreams.
Recently, we at Financial Fiduciaries received an email from a colleague inviting our clients to join a movement of sorts. His email discussed a growing concern over the fact that Americans are not saving nearly enough towards their retirement. While recent reports suggest that we are getting better, at 5% savings in 2013 vs. 1% in 2005, the future forecast is still a bit bleak. So, instead of sitting by and lamenting over opportunities lost, he suggests that everyone become part of the 1% club. No, we are not suggesting going back to the 2005 savings rates; rather we are encouraging clients to take this opportunity to up their current retirement savings by an additional 1%.
You might be asking “why wouldn’t I just wait until the start of 2014…why is November such an opportune time to do this?” Well, most companies are in the process of reviewing their annual benefit elections for 401(k) or other retirement savings plans. This makes November the perfect time to up your current contribution percentage by an additional 1%.
So, with all that said we want to encourage each of you to become a part of the 1% (or, 2 or 3 or even 4 percent…why limit yourself!). And, if you want to discuss it further, give us a call…we would be glad to help you determine the best way to meet your goals and fulfill your future dreams!