If you have been careful to build your retirement savings, the daily headlines featured on the news and in newspapers may make you feel like you should stop contributing to your retirement. After all, with an estimated loss of 500 billion to $ 2 trillion U.S. dollars from retirement accounts in the U.S.
But to refuse to contribute to your retirement savings is exactly what you should not during this time!
Despite the bear market, your retirement plans still have to remain a top priority, then your savings are largely influenced by time, in other words, if you put out help for a few years, you could lose thousands of dollars!
And it is not the only sad news. Many baby boomers plan to count their Social Security as a stable monthly income, but given the size of the baby boomers, Social Security may become a thing of the past as government becomes more financially pressed.
If you want to protect your retirement savings, it is important to be proactive, even in a time of economic uncertainty. Check out a free online retirement calculator to determine exactly how much you must save to meet your goals and if you think that you will not have enough for the desired retirement age, you may consider pension later or get a second source of income for to compensate for deficiencies. Also, if you are currently living beyond your means, smooth out now! Budget your income and make sure to emphasize the importance of contributing to your pension - it should be as important as paying mortgages or utility bills! Moreover, contributions to your pension fund to reduce your taxable income, so you will certainly make up for it later this year.
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