Are you Saving Enough in your 401k?

I read in a recent USA Today article (Click HERE) that after plummeting from the recent recession and job losses, 401k plans are on a major upswing.  Fidelity, TIAA-CREF and ING all say balances are on the rise. Market recovery accounts for some of the rise, but participants also increased their contributions by 3.5% in the first quarter.

 This increase in 401k savings does not dispel retirement concerns. More than 50% of all works are NOT confident about their retirement future. No wonder, considering that 56% of workers say that they have saved less than $25k, according to a Employee Benefit Research Institute study. 

Many people had to tap retirement during the recent tough times – 22% of 401k participants had a loan outstanding. A recent survey by the Defined Contribution Institutional Association found most people opt for a 3% savings rate, though most plan sponsors believe workers will need 10% or more of their earnings to save for retirement.  All this said, it’s good to spend some time planning your future. A great place to start is our FREE Financial Roadmap (Click HERE). Give it a try!