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Tennessee Department of Commerce and Insurance Recognizes National Retirement Planning Week

Tuesday, April 08, 2014 | 08:39am

NASHVILLE - Each day more than 10,000 baby boomers enter their retirement years. They are members of a generation who are largely unsure of their financial future. To avoid financial instability during retirement, the Tennessee Department of Commerce and Insurance (TDCI) and the National Retirement Planning Coalition encourage Tennesseans to start making plans for their retirement as soon as possible.

Crafting a comprehensive financial plan for retirement can help individuals build savings for those post-working years. To help spread the message, the Coalition has organized National Retirement Planning Week®, a national effort to help consumers focus on their financial needs in retirement. The Tennessee Department of Commerce and Insurance is proud to announce that it will be supporting National Retirement Planning Week® 2014, taking place April 7-11.

“The pressures of looking at your financial future can make planning for retirement initially seem daunting, but it certainly doesn’t have to be,” TDCI Commissioner Julie Mix McPeak said. “Carving time out on a regular basis to review finances and assess one’s financial preparedness for retirement can make the transition into post-working life smooth, seamless, and stress-free. We encourage Tennesseans to be proactive about retirement planning and start looking ahead today to ensure a stable financial future.”

To help Tennesseans prepare for their retirement the National Retirement Planning Coalition and TDCI offer the following tips:

  • Review your finances, develop a budget and uncover savings. Review your finances to learn what assets you have and to determine all of your financial commitments. Remember that the most important takeaway from budgeting is to ensure that you are not outspending your income. Tracking your expenses in a budget often proves revealing and uncovers additional ways you can save.
  • Add savings to your retirement accounts. Start making regular contributions to your retirement savings accounts. Employer-provided retirement savings plans, such as a 401(k)-style plan, serve as excellent vehicles to save for retirement.
  • Determine a target retirement age. Establishing your target retirement age is a significant part of the goal-setting process for your retirement. By determining a target retirement age you will have a goal to work toward and be able to monitor your progress.
  • Calculate your income needs in retirement. Calculating your income needs in retirement is a must, and fortunately, there are many online tools that can help. The Insured Retirement Institute, which leads the National Retirement Planning Coalition, offers a suite of retirement planning calculators available on irionline.org and RetireOnYourTerms.org.
  • Monitor your progress and update your plan as necessary. Retirement planning is not a one-time task. Achieving a financially secure retirement requires monitoring your progress and adjusting your plan to meet changing conditions. That includes repeating the above-mentioned tips: consistently reviewing your finances, updating your budget, adding to your savings, and making adjustments as your plans, needs and circumstances change. Keep an eye on your retirement plan, and your diligence will be rewarded with a financially secure retirement.

Retirement planning is an opportunity to invest in your future. TDCI and the National Retirement Coalition encourage Tennesseans to utilize the tools available on www.retireonyourterms.org to plan accordingly. Tennesseans with questions about available products or the licensure/registration of a financial planner, advisor, agent, or broker can contact TDCI’s Insurance Division at (615) 741-2218 or (800) 342-4029.

The Department of Commerce and Insurance works to protect consumers while ensuring fair competition for industries and professionals who do business in Tennessee. Follow us on Facebook, Twitter and YouTube for a daily dose of fire prevention tips, consumer affairs information and much more! 

 

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