Focus On Retirement Savings This Week


Share post:

- Advertisement -
Greg Moore

October 17 through 23 is National Save for Retirement Week, and Greg Moore, an Edward Jones financial adviser who lives in Verona, wants you to think about what you should be doing to save. Things like contributing to a 401(k) or other employee-sponsored retirement plan, opening an IRA or rebalancing your portfolio regularly.

“For many of us, the need to boost our retirement savings is critical,” Moore says.

According to a survey done earlier this year by the Employee Benefit Research Institute, 54% of the survey respondents say that the total value of their household’s savings and investments, excluding the value of their primary home and any traditional pension plans is less than $25,000. That’s not going to go very far when you consider that it takes $1 million in savings to generate $40,000 in annual income for the average retiree. Further complicating the picture is that companies have shifted away from traditional pension plans–known as defined benefit plans–to defined contribution plans like a 401(k).

- Advertisement -

“That means much of the responsibility of funding retirement has shifted from employer to employee,” Moore says.

So here are some tips from Moore and his employer:

  • Contribute as much as you can afford to a 401(k) or other tax-advantaged employer-sponsored plan such as a 403(b) or 457(b). Spread your 401(k) dollars among the available investments in a way that reflects your risk tolerance and time horizon.
  • Open and contribute regularly to an IRA. A traditional IRA can grow on a tax-deferred basis, and a Roth IRA grows tax-free, provided you’ve had your account for at least five years and don’t begin taking withdrawals until you’re 59 1/2.
  • Rebalance your investment portfolio regularly. During the recent recession, many new retirees faced difficulties when they were forced to tap into investment portfolios whose value had dropped
    significantly. Periodically review and rebalance your investments.

- Advertisement -
Virginia Citrano
Virginia Citrano
Virginia Citrano grew up in Verona. She moved away to write and edit for The Wall Street Journal’s European edition, Institutional Investor, Crain’s New York Business and Since returning to Verona, she has volunteered for school, civic and religious groups, served nine years on the Verona Environmental Commission and is now part of Sustainable Verona. She co-founded MyVeronaNJ in 2009. You can reach Virginia at [email protected]


Please enter your comment!
Please enter your name here

Related articles

The Rising Cost Of Fixing Verona’s Water

Last week, Verona residents got a two-page letter with information on our drinking water. The first page is...

VMAC Sponsors Outdoor Movie Night

The Verona Municipal Alliance Committee (VMAC) is sponsoring a free family movie night on the lawn in front...

Police Department Is Hiring

The Verona Police Department opened applications for new officers today. Candidates must already be certified by the New...

Anita Natalini, 59

Anita Natalini of Verona entered into eternal rest peacefully on Saturday, August 6, 2022. She was 59 years...