(INDIANAPOLIS) — Indiana Auditor of State Tera Klutz, CPA, is marking National Retirement Security Week by reminding all Hoosiers of the importance of saving for their “Retirement Road Trip.” National Retirement Security Week is the third week of October. Its goal is to remind Americans to review their retirement readiness.
The Auditor of State is the administrator of Hoosier S.T.A.R.T., Indiana’s 457(b) deferred compensation plan which provides Indiana public employees with a supplemental retirement plan. Klutz, who is a member of the Indiana Public Retirement System (INPRS) board of trustees, issued the following statement regarding National Retirement Security Week;
“Planning for retirement is a journey that starts long before your last day on the job. It can and should begin as early in your career as possible. Retirement advisors suggest replacing around 80% of your yearly working income for retirement. This means if you make $50,000 annually, you should plan to save $40,000 for each year of retirement. Planning to be in retirement for 20 years? You’ll need $800,000. Even though retirees’ usually have lower expenses, you should plan for higher healthcare costs and inflation.”
“Saving money can be tough. By making small changes to your daily spending, you can significantly increase your savings in retirement. Make a budget so you know where your money is going. Cook more food at home instead of eating out. Take day trips to visit Indiana’s beautiful state parks instead of traveling out of state. Making small changes in your lifestyle and sacrificing a little now can have life-long benefits.”
“I encourage all Hoosiers to review their own retirement readiness plan to ensure they have enough “gas in the tank” for their Retirement Road trip.”