Stretch Your Dollar: Track retirement savings like a pro

(WTNH) — As the old saying goes, we don’t live to work. We work to live; which is important to keep in mind wherever you are in life.

It’s important to do a yearly check-up on your retirement savings, no matter what age you are. Jim Poolman, Executive Diretor of the Indexed Annuity Leadership Council, told News 8 that their study found that 88% of Americans are concerned they haven’t saved enough for retirement. It’s why it’s so important to decide now what you’ll need, and what kind of assistance you’ll get.

Use those calculators! Figure out what you might get in terms of social security benefits. People are sometimes surprised when they see what they’re going to get, from a monthly social security benefit, it’s many times, not what they thought it was going to be.

Look at your contributions each year, and make changes based on life events. If you got a raise or a new job, pay yourself more for retirement.

The Indexed Annuity Leadership Council created a game called “The Master of Retirement”. You can play at home to get the wheels moving. See how much you know about your future needs. Remember, your strategy to put the most away will change the older you get.

Once you get closer to retirement, you don’t have the lengthier time frame, to ride out peaks and valleys of the stock market. It might be time to invest in other products, like a fixed index annuity for example where your risk tolerance can be lessened. Then, you don’t have to ride out the peaks and valleys of the stock market.

Consider the costs outside of your day-to-day needs. For example, many people are surprised by how much healthcare costs in retirement, and how quickly that eats into your savings.

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