Washington County Weekend Post

2A • WASHINGTON COUNTY POST • SUNDAY, AUGUST 29, 2021 GMTODAY.COM PUBLISHED BY CONLEY MEDIA • SEPTEMBER 2021 GOVERNMENT OFFICIALS • COMMUNITY AGENCIES • CLUBS AND ORGANIZATIONS GOVERNMENT OFFICIALS • COMMUNITY AGENCIES • CLUBS AND ORGANIZATIONS Shalom Wildlife Zoo, West Bend. Photo courtesy of Janet H. Wagner jaybirdtoo@sbcglobal.net 2021-2022 WASHINGTON COUNTY Washington County information at your fi ngertips. Look for the 2021-2022 edition of the Washington County Resource Directory inside the September 15th Daily News and September 19th Washington County Post. Even if you're young, newly employed or haven't yet started to save for retire- ment, many financial profes- sionals agree planning is key to achieving a sense of secu- rity for your future. But a new survey shows that if you're a first- or second-gen- eration American, a woman, African American or His- panic employee, you may feel disconnected from the finan- cial services industry and its benefits. One reason is that you may be less likely to have opportunities to save for retirement through your workplace - or you may feel the financial services indus- try is not geared toward serving the needs of you or your community. The good news? The financial services industry and many employers are working to offer greater accessibility for all employ- ees trying to save for retire- ment - even with a moderate income - and are trying to make it easier for all their employees to be proactive about financial planning, no matter when or where they begin. The new survey conduct- ed by Harris Poll for Empow- er Retirement shows that women and people of color feel underrepresented when it comes to retirement sav- ing. In fact, 70% of all respondents said they agreed with the statement: "Retirement planning is a luxury that is not afforded to all types of Americans." But the truth is that retirement planning is possible, no mat- ter where or when you start. And it can make a huge dif- ference for your financial sit- uation down the road. Another issue is that over half (52%) felt they would not be taken seriously as a client by a financial ser- vices company. People who feel that financial profes- sionals will not take them seriously instead turn to family (44%) or friends (25%) for advice. While the people you know may have your best interests at heart, they may lack the financial know- how to advise you on how to save effectively for a secure retirement. Consulting a licensed financial profes- sional can be one way to be sure that the advice you receive is based on knowl- edge and expertise about the best ways to save for retire- ment. Fortunately, access to financial professionals with specialized certifications is much more accessible than you may think. Here are tips and resources to help you get started on your retirement planning journey. • Start now. No matter where you are in your career, starting with small savings now can make a huge differ- ence down the road - and those savings can accumu- late and grow over time. • Contact your HR department. Especially if you're unsure what your employer offers for retire- ment planning, asking ques- tions is a great place to start. Don't be afraid to ask for explanations of unclear terms or services. • Match those funds. Some employers will match your 401(k) contributions up to a certain percentage point, so you'll get the full benefit of those funds by making sure you contribute at least that amount. • Consult a financial planner. Ask if your employee benefits include the services of a financial planner. Many employers offer consultations with a financial professional free of charge, to help with your planning efforts. • Personalize your sav- ings options. Ask about opt- ing into a managed account for your 401(k). This will pro- vide you with a personalized strategy for your funds based on factors including your age, amount saved, timeline and savings goals - even if you're starting with a small amount. • Use digital tools. Online tools can be a great way to track your savings. Retirement planning calcu- lators and other features can help you set and reach your unique long-term goals. • Explore government resources. To understand how and when you can most benefit from applying for Social Security, visit the retirement planning sec- tions on the Social Security website, SSA.gov. • Boost your knowl- edge. Blogs like Empower Insights offer free informa- tion and tips to help you understand employee bene- fits and retirement planning strategies. "Anyone can benefit from professional financial ad- vice," said Edmund F. Mur- phy, president and CEO, Empower Retirement. "And even if you're just beginning to save for retirement, you may reap the benefits years later. Taking full advantage of all your workplace bene- fits is a great place to start." Retirement planning and saving can now benefit everyone, and can help improve your future finan- cial outlook, no matter where you're starting from today. First steps in retirement planning - for all Americans

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