Not affiliated with The United States Office of Personnel Management or any government agency

Not affiliated with The United States Office of Personnel Management or any government agency

retirement savings

How to make your retirement savings last

retirement savingsThe government has always been very keen on encouraging the citizens of the country to save for retirement. The president has recently introduced another way to make Americans believe that saving for their post-retirement lives is an absolute must. The new myRA accounts allow employees to save up to around 15 thousand dollars in an investment plan that doesn’t even have any substantial fee and guarantees the payee, the principal too. There might be retirement crisis awaiting us in the longer run but this could prove to be a step in the right direction.

Manage your retirement savings properly:

As soon as 2020, the number of elderly officials that earn a meager income will increase rapidly as the retiree population reaches a gigantic figure of around 56 million. This means that there are going to be more poor people as the employees who reach 65 won’t have any place to go.

This is all because we don’t have a fulfilling plan available at our disposal. We need a plan that encompasses all our needs. As proposed by the New York Times, a guaranteed retirement account could be the way to go. According to this plan, all the officers will be able to make regular additions to this account which will then continue to add up until they reach their retirement age. It subsequently can pay out a great deal of money until the person or any of their beneficiaries dies.

The current system does have some good retirement savings plans but unfortunately none is good enough to match and cover the needs of each and every single employee. In this regard, if this proposed plan is given attention, and subsequently implemented, then it can go a long way in making sure that people save their retirement funds a lot more effectively.

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