PAID AD: Take steps now to boost your retirement later

National Retirement Security Week is set for Oct. 21-27. How can you help improve your own retirement security?
For starters, try to define what retirement security means to you; that is, what sort of lifestyle will make you most comfortable?

The next step is to create an appropriate financial strategy to help you meet those goals. Try to determine how much you plan to withdraw from your various sources of retirement income, including your 401(k) and IRA.
Of course, you can rely more heavily on these accounts if you’ve contributed continuously to them over the years. Every time you get a raise, consider increasing the amount you put in to your 401(k) and try to “max out” on your IRA contributions each year.
Finally, when you do retire, you’ll want to establish an appropriate withdrawal rate from your various retirement accounts. If you take out too much each year, you risk outliving your resources.
These aren’t the only keys to attaining retirement security, but they can still help you stay on track. Keep them in mind as the years unfold.

This article was written by Edward Jones.