More than half of working Americans have done little to plan for retirement, according to a new survey. Workforce Week reports a new survey from Brinker Capital of its financial adviser clients found that, while about 46 percent of American workers are "on track to enjoying a timely retirement," the other 54 percent "have some work to do shoring up their retirement savings." That said, 86 percent of financial advisers say the concept of a "typical retirement age" is no longer relevant, as people tend to work "as long as they're willing and able."

If you fall into that 54 percent, here are some tips to jumpstart your retirement planning, from AllBusiness.com:

-Develop a post-retirement plan, and the earlier you do it, the better off you'll be.

-Start investing regularly: "Many people start investing and then stop. If you do not invest on a regular basis, you cannot expect your retirement savings to grow."

-Weigh the pros and cons of conservative vs. high-risk investments. "If you are investing too conservatively, you may not be able to build the amount you are hoping to have for your retirement years. Conversely, if you are getting close to retirement and are investing in high-risk investment vehicles, you may lose much of what you have worked so hard to save."

-Expecting your Social Security to be your big pay day isn't a wise move. AllBusiness.com says that while Social Security used to be a major component of a retirement, "today the potential impact of [it] on your retirement income is diminishing."

--Cassandra P. Foster
cfoster@safnow.org

 

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