It seems that in today’s economic state, retirement is slipping away into oblivion, being pushed back further and further into Americans golden years. It has brought to our attention the importance of saving our income so that we may draw from it when we need it most. In this day in age, it pays off to be more conservative with your money, especially when the economic climate is so bleak.
Today, many young Americans are apprehensive about investing into a retirement account because of the economic climate and the rates they will be receiving. This is understandable, but a representative from TIAA-CREF would submit that that apprehension is a short-term way of thinking. (watch video) He, along with other speculators, is confident that our current economic condition is only temporary, merely part of the ups and downs of our economy. To anticipate the economies eventual rebound from this downturn is to think in a different way about retirement investments. Instead of being apprehensive, one should invest confidently into retirement plans, and may end up paying less now for them than they would have if the economy was healthier.
Today, people are feeling more apprehensive, however, rather than confident. “Only 28 percent say that they will be able to retire comfortably. One-third (33 percent) say they'll have just enough finances to get by when retired. Nineteen percent say they are afraid they’ll never be able to retire” (Bankrate Survey). The international foundation recommends to young retirement planners to save two percent more than originally planned in order to retire comfortably in this economic state. (international foundation)
-Matt Smith
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