Making any resolutions for 2016? As the countdown to New Year’s begins, this is a time when we start thinking about goals for the year ahead.
They could be little things, like resolving to only watch one episode on Netflix at a time or to stop making impulsive checkout line purchases.
However, if you’re planning to get in shape and lose a few pounds this year, you’re not alone. According to a January 2015 Nielsen poll¹, 37% of people polled cited “staying fit and healthy” as their New Year’s resolution.
While improving your physical health is always a great goal, the new year is a good time to check in on your financial health as well.
An outlook on retirement:
A 2015 Retirement Confidence Survey conducted by the Employee Benefit Research Institute indicated that Americans’ outlook on retirement is based on whether they have a retirement savings plan.²
In the same survey, just 18% of all workers were “very confident” that they would be able to pay for medical expenses in retirement. Workers without a retirement plan were 30% less confident in having enough money for a comfortable retirement.
How to start planning:
A checklist from AgeSmart³ suggests several things you can do to prepare for a secure retirement:
- Know What You Need: Determine how much money you will need each year to live comfortably.
- Know What You Have: Social Security, pensions, savings accounts, IRAs—it all counts.
- Increase Your Savings: If you can afford it, contribute the maximum amount to all of your eligible tax-deferred retirement savings.
- Cover Your Healthcare Costs: Longer life expectancies mean greater chances of medical problems during retirement.
- Medicare supplement insurance policies are used by many Americans age 65 and older to help cover the cost of out-of-pocket expenses not covered by Medicare Part A&B alone.
- Long-term care insurance coverage for home care or facility care can help give you peace of mind in case you experience an extended illness.
Talk to a knowledgeable financial solutions provider:
Planning for retirement can be overwhelming—but it doesn’t have to be! Make a resolution to talk to Bankers Life about our available options that can help you plan for the future and maximize your savings potential.