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Jim Lentini: Retirement savings strategy is important

Posted: August 24, 2009 4:12 p.m.
Updated: August 25, 2009 4:55 a.m.
 
With the current financial crisis affecting retirement saving strategy, an interruption of planned contributions can greatly impact your retirement plan.

Although saving for retirement is important, many have discontinued contributions to their retirement plan in order to meet more immediate needs. However, quitting midstream could deplete your retirement nest egg more than you would think.

The question is, will you have time to recover?

Do you have time to recover?

Did you know there's a 50 percent chance that one member of a male/female couple, age 65 today, will live past age 92?

With people living longer, no one wants to think about outliving their retirement savings.

Delaying retirement by staying in the workforce is one strategy to consider in helping you get back on track to a more secure financial future.

The longer you work, the more time you have to make up losses incurred during recent market events and you'll be able to put more money away for your retirement.

Regain control of your retirement plan
While no one can predict what will happen, or when, the wise investor stays invested to take advantage of any eventual recovery.

Evaluate your current situation, calculate your retirement savings goal, organize your budget, and discuss how to adjust your strategy and execute necessary changes with your investment advisor.

Saving and investing for retirement requires a long-term perspective.

Most financial planning experts agree, the best way to weather volatile markets is to determine your long-term investing strategy and stay the course.

Variable annuities with a living benefit rider have proven their value by protecting assets and increasing future income.

Jim Lentini, CLU, ChFC, IAR is President of Lentini Insurance & Investments, Inc. He can be reached at (661) 254-7633. His column reflects his own views and not necessarily those of The Signal.

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