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
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