National Retirement Savings week is just around the corner. Are you ready to retire and ride off into the sunset?
If the answer is no, then you might not be taking advantage of the various retirement plans being made available to Americans.
According to Prudential, only 74 percent of African-Americans contribute to employer-sponsored retirement plans, as opposed to 85 percent of their White counterparts.
So, to help you get your retirement savings plan moving in the right direction, America’s Wealth Coach, Deborah Owens, dropped by the set of NewsOne Now to share a few investment strategies so you can maximize your retirement savings.
The financial guru explained Thursday morning there are many people who are fearful of addressing retirement savings. Owens told Roland Martin, “The average [young] couple has less than $5,000 saved in a retirement plan.”
Typically, Owens said, 90 percent of all of our investments and savings are in retirement plans. She offered the following tips to assist consumers with jump starting their retirement plan:
- Start with your employer’s retirement plan
- Sign up with MyRA
- If you are self-employed, you can take advantage of Sep-IRA or Keoghs
- Open an index mutual fund IRA
- If you are over 50, take advantage of the retirement catch-up provision
- Check prior employers for retirement savings
Watch Roland Martin and America’s Wealth Coach Deborah Owens discuss how to kick-start your retirement savings in the video clip above.
For more of Deborah Owen’s financial tips, visit DeborahOwens.com/NewsOneNow.
PHOTO CREDIT: Getty
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