It’s a new year again. For many, that means it’s once again time to assess life and identify areas for improvement. Of course, this period of reflection usually results in a list of resolutions or goals. Many people resolve to eat healthier or exercise more frequently. Others may focus on their education or career development. Some people may use this time to look at their house and plan out various home improvement projects for the coming year.
Financial goals are also a popular choice for New Year’s resolutions. The beginning of the year is the perfect time to analyze your financial situation and develop a list of action items. A regular annual financial checkup can help you stay on top of potential risks and on track to meet your biggest financial goals.
Feeling pressure to save more for retirement? You’re not alone. According to a study from Gallup, more than half of Americans are worried that they won’t have enough money to fund their retirement. In fact, Gallup has conducted a study on Americans’ top financial worries every year since 2000, and retirement has always been cited as the top concern.1
According to a separate study from the Economic Policy Institute, there’s good reason for the widespread concern about retirement. The study found that half of Americans have no retirement savings. The average savings balance is just over $95,000, but the median balance is only $5,000.2