But Can I Still Get The Gold Watch?

In 1980, roughly 4 out of 5 Americans were covered by a traditional pension plan that paid them a fixed benefit based on their length of service and salary while working.

In 2013, only 1 out of 5 workers has that same type of coverage.

Source: The Washington Post

The Takeaway: What does that mean for you? You can’t count on Social Security or benefits provided by your employer to make it through retirement. You absolutely need to save on your own, through an IRA or Roth, a SIMPLE-IRA, a 401(k) or other workplace plan, putting aside 10% to 15% of your earnings each year. Get started now – up to April 15 you can still put money into an IRA for last year, or in many cases set up a workplace plan offering big tax deductions.

About Mari Adam

Mari Adam, Certified Financial Planner™ and President of Adam Financial Associates Inc, has been helping individuals and families chart their financial futures for over twenty-five years. Have a question about your financial situation? Ask Mari!

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