If you're a working American born anytime between 1946 and 1991, the research, analysis and more importantly, the five straightforward actions you can take now to ensure your retirement income doesn't take a dive revealed in the Fidelity Investments' “Retirement Savings Assessment” might be of particular interest to you.
The first-of-its-kind analysis by Fidelity Investments, a financial services provider with a focus on helping Americans save and plan for retirement, found that many working American households could face a 28-percent loss of income during retirement. Perhaps even more frightening is the 38 percent of retiree households already reporting that their monthly income isn't enough to cover their monthly expenses. In addition to these sobering statistics, however, Fidelity also provided a number of actionable steps individuals could take in order to narrow or entirely close a potentially uncomfortable gap between their retirement income and their monthly living expenses.
Whether you're a younger investor deciding to save a little more in a 401(k) or an older investor adjusting investment plans, it's never too early or too late to impact your personal economy and take steps to improve your retirement readiness.
Whether you're a working member of the Baby Boomer generation, Generation X or even Gen Y, these are five steps you can begin exploring with your advisor today, and perhaps even incorporate into your retirement plan. They're well worth checking out, as many of these strategies can apply regardless of whether you're just getting started in your career, are at the top of your of your working years, or are already retired.