Saving more for retirement is a common New Year’s resolution. This year, the pledge comes in at the number five resolution in Principal Financial Group’s annual survey of 1,008 American consumers wishes for next year, with 21 percent of respondents stating a desire to sock away more for their golden years.
“The new year is a chance for new opportunities and a clean slate,” said Jerry Patterson, senior vice president of retirement and income solutions at Principal, in a statement. “The challenge will be taking those good intentions and making them last into February and beyond.”
Many financial experts advise upping your retirement savings rates past your company match (typically somewhere around 5 percent of salary) to double-digits, to 15 percent of pay or more. The more you save, the earlier, the greater your account balance come retirement, thanks to the power of compound interest. Beyond simply saving more, here’s a look, in broad strokes, at several other — out of a legion of possible — retirement-related resolutions you might consider making for 2019.
Published at Mon, 31 Dec 2018 17:09:00 +0000