Friday, September 7, 2012, is National 401(k) day, an annual celebration spotlighting the importance of employer-sponsored retirement plans and drawing attention to the increasing need for American workers to save for retirement.
The average American will likely need 70%-90% of their pre-retirement income in order to maintain their current standard of living once they stop working. With 96% of retirees receiving an average monthly Social Security benefit of only $1,160, it’s obvious that you’ll need to provide more for yourself if you want to retire comfortably.
If you’re eligible to participate in an employer-sponsored 401(k) plan, your participation can help make your retirement dreams a reality. Because contributions are tax-deferred, and interest and earnings accumulate on a tax-deferred basis, a 401(k) retirement plan is a highly-effective and powerful tool for achieving your retirement goals. If your employer offers a 401(k) plan, we urge you to speak with them about how to either begin contributing or about how to maximize your current contributions.
If you are unable to participate in, or don’t have access to, an employer-sponsored 401(k) plan, other valuable retirement savings opportunities are available. HBE Becker Meyer Love LLP is here to help you identify savings options that work best for your situation. Our Certified Financial Planners (CFPs) possess the knowledge and expertise to help you implement a strategy that will ensure a financially secure retirement.
If you are an employer who is currently sponsoring a 401(k) plan for employees, we congratulate you and thank you for helping your associates plan and prepare for their retirement. As a reminder, HBE has a team of professionals with the strong technical resources and expertise needed to perform high quality employee benefit plan audits and assist with compliance needs.
If you are interested in speaking to one of our professional team members about retirement savings plans, please give our office a call at 402-423-4343.