Saving for Retirement: Never Too Late or Too Early
As we move into the holiday season, it's a great time to check in on your retirement plan and take steps toward a more financially secure future.
Just getting started?
- There are a lot of very good reasons to save for retirement, including possible tax advantages – Calvert's Retirement Basics page will give you some insight.
- Are you aware of your retirement plan savings options such as whether or not you are eligible for an IRA, Roth IRA, 401(k), 403(b), or a pension plan? Find out what's out there.
- How much do you need to save to ensure a financially secure retirement? Check out Calvert's Retirement Savings Calculator to learn more.
If you don't yet have a plan, consider reaching out to a professional financial advisor to help you get going.
- Do you know if you're on track to save enough for retirement? Are you optimizing your available retirement savings options? Consider increasing the amount you are contributing to your 401(k) or 403(b) plan. Try out Calvert's Retirement Savings Calculator to see what a difference increasing your contributions* by even a small amount could make to your retirement savings.
- Consider an IRA rollover for inactive 401(k)s. You'll get greater control over your assets, money that works more efficiently for you, and by consolidating retirement assets, a simpler way to manage your retirement savings plan.
- Find out whether a Roth IRA could be a good addition to your retirement planning mix. Learn more about Roth IRAs and use Calvert's Roth vs. Traditional IRA Planner tool.
- A professional financial advisor is also a great resource for help with retirement planning.
*Subject to your employer's retirement plan and IRS limits.
A woman saving for retirement?
Women face unique challenges in planning for retirement and this can lead to lower overall lifetime savings rates than men.
- Women are more likely to have part-time jobs and thus aren't eligible to participate in their employer's retirement plan. According to the United States Department of Labor, only 45 percent of U.S. working women, age 21 to 64, participate in a retirement plan.
- Women live longer than men—on average 5 1/2 years, meaning they have to plan for the possibility of a longer retirement and one where they will likely be responsible for their own financial security.
- Women are more likely than men to temporarily or permanently leave the workforce to care for children, or aging family members, which can have a significant impact on retirement savings.
Age 50 or older?
- Don't forget about catch-up contributions. Once you max out your workplace plan contributions (generally up to $17,500* in annual pre-tax contributions) you can then potentially take advantage of up to $5,500* in additional catch-up contributions.
- Catch up even faster with the potential to contribute $1000 more to your IRA for 2013.
*Maximums for 2013. Adjusts annually. For more information on eligibility, view: "Investing for Retirement: A Comparison of Tax-Advantaged Retirement Programs."
Calvert and Your Retirement Savings Plan
Calvert Investments offer a wide range of investment options to help you reach your retirement goals. Like your retirement savings plan, our focus is on the long-term, with sustainable and responsible (SRI) investment strategies that invest in the future by promoting corporate responsibility and sustainability.
For more information on retirement planning with Calvert, contact us at 800.368.2745, or contact your financial advisor. If you do not already work with a financial advisor, use Calvert's Advisor Finder tool to help locate a trusted financial professional who may meet your needs.