Americans agree that it's important to save for retirement, but many aren't sure whether they're saving enough.
A recent survey found that more than half of those between ages 45 and 54 don't feel financially prepared to retire when they hope to.
Stewart Campbell, Director of Wealth Management at Mountain America Credit Union, says he's not surprised by that statistic.
Campbell says, For many people the idea of retirement is fuzzy. It's something that happens in the future, and what exactly it looks like is a bit of a mystery. That's especially true for those earlier in their careers who feel like they're just getting started in life. The idea that they should be thinking about retirement already can seem like they're getting too far ahead of themselves."
For people who are thinking about retirement in 10 to 15 years, he says first and foremost, they need to get their arms around what retirement will look like for them.
The best thing you can do for yourself is just have a conversation with a wealth advisor who can put two points on your retirement roadmap: where you're starting, and where you're trying to get.
Campbell says generally, they're going to ask you questions about what you would like to do in retirement. For instance, do you plan to travel, make any big purchases, work part time?
They can help you determine what that lifestyle will cost based on your current spending and the kind of retirement you're aiming for.
Then they can look at your current savings balances and savings rate, other expected income sources like Social Security, and see whether you are on track to meet your goal.
If you're ready to get the retirement conversation started, head over to macu.com/retirement to schedule a free consultation with them.
