Smart401k(R) Encourages Consumers to Set Aside Time for Retirement Planning
OVERLAND PARK, Kan., Sept. 4 /PRNewswire/ -- Scott Revare, CEO of Smart401k,
suggests that consumers be deliberate about reviewing both their 401(k)-type
plans and their goals for retirement. "Even with all of the media coverage
about getting ready for retirement, most people haven't evaluated whether
their current savings and future contributions will enable them to reach their
retirement goals," observes Revare. "The upcoming Labor Day holiday is the
perfect opportunity to take stock of how you are progressing towards your
retirement goals in order to make sure you reap the fruits of your labor."
To help people undertake an effective review, Revare offers four suggestions:
Make a Retirement Celebration Day
Devote at least one day each year to retirement planning. Treat this day like
a birthday or anniversary to avoid the temptation to keep putting off the
task.
Establish a Formal Plan
Revare recommends investors be as specific as possible and put the plan in
writing. He says that at minimum, the plan should include:
-- Current savings - List all investments that can be used for
retirement.
This is essentially the "pulse" of the retirement plan and
should be monitored each year to track progress.
-- Contribution amount - Determine how much will need to be contributed
annually to reach retirement goals.
-- Years to retirement - Use a calculator, like the ones that can be
found
at Smart401k.com, to help define this timeframe. An investor's
timeframe should be based on current savings, future contributions,
social security/pension estimates and your retirement lifestyle
expectations.
-- Investment strategy - Indicate which investments will be used and the
percentages for each.
Put the Plan in Action
"Once you feel comfortable that you have a suitable and comprehensive solution
for how to get to retirement and beyond, make sure you take the necessary
steps to implement the plan," says Revare. "This could be as simple as
setting your contribution amount and making some adjustments to your
investments, or it could be somewhat more complex with multiple steps. For
example you may decide you need to reduce debt or increase your emergency fund
as part of your long-term retirement strategy."
Review and Update the Plan
Markets are uncertain, as is life. As such Revare warns investors that they
can expect to make some adjustments along the way. "An annual checkup will
ensure that your plan is adapting to changes in your situation and market
environment, and will give you a better chance of attaining a secure
retirement," he says.
Smart401k will be participating in National 401(k) Day, sponsored by the
Profit Sharing/401k Council of America. According to its website, the day is
"an annual celebration spotlighting the importance of
employer-sponsored profit sharing and 401(k) plans.
"We see this day as a great opportunity for people to spend time thinking
about how they will achieve their retirement goals," says Smart401k President
Scott Holsopple. "To encourage people to do this, we suggest that they go to
our Web site and use some of the retirement calculators to see how they fare
in terms of how well they are positioned for retirement. We invite them to
call us at 877-410-0510 if they want any help with the calculators. Our
advisors will be standing by."
For more information about Smart401k, or about how to participate in their
National 401k Day offer, contact 877.627.8401 or info@smart401k.com.
About Smart401k(R)
Smart401k(R) was founded in 2003, by Scott Revare and Adam Bold (host of The
Mutual Fund Show), with the goal of providing unbiased advice to help
employees invest with confidence in their 401(k), 403(b) and other
employer-sponsored plans. The direct-to-employee business currently provides
advice to more than 10,000 individual clients. Employers who are looking to
strengthen an important employee benefit are also able to sponsor Smart401k's
advice service. In addition, the company also has relationships with several
major 401(k) providers, 401(k) advisory firms and third party
administrators/record keepers to offer Smart401k(R) services to their
customers. For more information, visit www.smart401k.com.
SOURCE Smart401k
Scott Holsopple, President of Smart401k, +1-913-744-3378,
sholsopple@Smart401k.com
