What to do now to retire comfortably
Has financial planning left you feeling very confident that you'll live comfortably in retirement? Less than a fifth of American workers can say the same, but the good news is there's ample time for a course correction if your retirement planning isn't up to snuff.
Per the Employee Benefit Research Institute's (ERBI's) 2018 Retirement Confidence Survey, only 17% of American workers feel very confident in their ability to retire comfortably compared to a greater—but still paltry—32% of retirees. However, when it comes to workers with a defined contribution (DC) plan like a 401(k), confidence soars. A whopping 76% of workers with a DC plan are at least somewhat confident they can live comfortably in retirement versus 46% confidence in those without a DC plan.
"Satisfaction with DC plans is very important because that will encourage their use in building up assets for retirement," notes Craig Copeland, EBRI senior research associate and co-author of the 2018 report, in a news release. "However, the data suggest many plan participants don't know what to do with their DC plan assets at retirement."
Today, DC plans are a popular offering among employers, and while they're a great vehicle for helping plan for retirement, it's largely up to workers to fund their retirement through savings. That's why National Retirement Planning Week, April 8-12, is doing what it can to raise public awareness about the importance of financial preparedness for retirement. And, as AOA members, doctors of optometry have a variety of investment tools and resources available to take the stress out of retirement planning—for both individuals and their practices.
Excel at retirement
AOAExcel® Endorsed Business Partner AXA Equitable offers dedicated retirement specialists who will keep members' options flexible, simplify their plan's administration, help with tax-related guidance and IRS compliance, and help communicate with employees to build participation in a practice plan. Consider these retirement planning options and resources available through AXA:
- Schedule a complimentary, 15-minute consultation via phone or email, and review your current retirement savings plan with an AXA Retirement Program Specialist.
- Find an AOAExcel resource on retirement planning that fits your individual needs, whether you've recently started a career in optometry, you're an experienced doctor of optometry with a practice to think about, or retirement is just around the corner.
- Review the suite of practice management resources available through AOAExcel that can better position you—and your practice—for whatever the future holds.
Learn more about retirement savings options for AOA members
By taking steps today, you can help secure your financial future. Learn about the retirement savings planning options that are available to you at any stage in your career.