Thinking ahead: National Save for Retirement Week begins today

Thinking ahead: National Save for Retirement Week begins today

Retirement is often closer than people think—the point a national observance hopes to send home this week as it reminds the public it's never too early, or too late, to start planning for the future.

As clinical professionals, AOA members have unique retirement planning concerns.

National Save for Retirement Week is the third week of October as designated by the U.S. Congress, and AOAExcelTM and Endorsed Business Partner, AXA, are taking this opportunity to encourage members to consider their retirement planning goals.

As it's becoming increasingly important to have a retirement savings plan available to supplement Social Security income, results of the 2013 Retirement Confidence Survey (RCS) from the Employee Benefit Research Institute indicate troubling responses.

Although two-thirds of surveyed workers report they or a spouse have saved money for retirement, nearly half (49 percent) of respondents report a lack of confidence in their savings for a comfortable retirement and even fewer (46 percent) have completed a retirement needs calculation, the RCS says.

This makes it all the more important that AOA members take advantage of free retirement planning consultation and other unique offerings available through AXA.

4 reasons to take note during National Save for Retirement Week
As clinical professionals, AOA members have unique retirement planning concerns. Given that many optometrists are also small business owners, in addition to that clinical skill, the time frame for retirement is flexible and may include a gradual transition.

Here are important considerations for ODs:

  1. Now is the time to start saving. Compound earnings make even small investments today worth more by retirement than the same investment next year. Prompt action means time is on the doctor's side.

  2. Have a game plan. Everyone is different, and consequently, not everyone's goals for retirement are the same. Members should lay out a plan not only for personal retirement savings, but also for their optometric business.

  3. Get skilled financial advice. Take that game plan to the next level and utilize investment experts that will help put the plan into action and keep it growing in the years to come.

  4. Rest assured with adequate coverage. There's no telling what the future may hold so taking the appropriate steps now can save undue stress and heartache. Implementing a retirement strategy for an OD's business helps doctors build toward what will be needed for retirement.

AOAExcel and AXA are helping members meet their retirement goals every day, so visit axa2plan.com to schedule a free retirement planning consultation and learn more about retirement solutions.

October 20, 2014

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