Some quick bullet points on retirement Morning Consult found in a recent survey:
• 48% of US adults aren’t saving anything for retirement
• Those who are saving mostly use a 401(k)(62%) or a savings account (53%)
• 55% of people are satisfied with their financial plan
• 2 in 3 people don’t use a financial planner
• 49% of Americans think the best time to start saving for retirement is in your 20’s
• 40% of people in their 20’s are saving for retirement
But Steve Ringo, Vice President at DeWitt & Dunn Financial Services, which has an office in Houston, adds this important caveat about a federal regulation change for 2019:
“An individual can contribute in their 401(k), 403(b) or 457 up to $19,000 a year, also if you‘re over the age of 50 you can contribute an additional $60,000.”
That’s an additional $500 annually in each age division. There are three months left in 2019 so adjust accordingly if wanted.