America Saves Blog
Tips, advice, and the latest news from the savings world.
Tax season is upon us and while we often dread the paper pushing and number crunching, let’s not forget the excitement that comes with getting back some of your own hard-earned money in the form of a tax refund.
If you were asked to visualize retirement, what would you see? You may see yourself living on a beachfront property, cruising around in your dream car or even turning your favorite hobby into a business. Regardless of what retirement looks like to you, it’s safe to say we all want to enjoy it.
Your pension plan may give you the option of taking your full pension in a lump sum when you retire. When you choose a lump-sum payout instead of a monthly pension payment, you replace a lifetime monthly payment for a one-time payout. A lump-sum payout can give you the flexibility of choosing where to invest or save your money, and when and how much money to withdraw. However, it also shifts responsibility from your employer to you for making your money last and protecting it from a variety of risks ranging from inflation to fraud.
A secure retirement is not a guarantee, and it’s certainly not something that happens on its own. Gone are the days of employer-sponsored pension plans and an infallible Social Security program. Saving in 2017 is a more complicated process, and it takes a financially literate public along with strong leadership in both Congress and the financial services industry to make retirement security a reality for all Americans. It's time that we help Americans 'Rethink Retirement' and focus on holistic and comprehensive retirement plans.
We’re officially three days in to America Saves Week 2017. If saving for retirement isn't among your savings goals, it's about time to start. The earlier savers contribute to their retirement savings accounts, the more they will earn over time from compound interest.