April 15, Tax Day, is just one week away. Have you saved for your retirement yet for 2018? Turns out, that most Americans won’t be making the most of their retirement years– ever.
But there is good news. Firstrade’s absolutely no-fee traditional IRA and Roth IRA are completely free, take just minutes to open, and can support your retirement dreams – without paying the piper. We’ve written about the differences between a traditional IRA and a Roth IRA and the various ways in which you can save.
Since most of you are managing your own portfolio, it’s probably a good idea to review your retirement plan now. Using the “three legs” of the retirement stool – private savings, pensions and social security – what is the expected long-term outlook? Or if you’re a baby boomer, what’s your short-term outlook?
Examine your holdings in your mutual fund accounts and 401(k) plan. If you have an IRA, are you making the right investments, is your trajectory in sync with your retirement, are you making the most of your contribution limit?
If you have a pension plan, what is the expected payout? Will this be enough to live on? The median private pension was only $9,376 a year, according to the Pension Rights Center (state, local and federal pensions were higher). If you’re older, that might be nice to have, but if you’re a younger investor, it’s highly unlikely you will ever have a pension.
And finally, there’s social security. In 2018, the average Social Security check was $1,422 a month or $17,064 a year. That’s okay if you’ve paid off your home, have little or low expenses and live in a relatively less expensive part of the country. Again, if you’re young, social security might not be an option to rely on years from now.
So, do yourself a favor. Learn how to make the best of your retirement. Invest in a Firstrade no-fee IRA. Today.