National 401(k) Day is celebrated to help Americans better understand their retirement plan by bringing awareness to the importance of saving for retirement.
Rather than reiterating to work hard and contribute the maximum amount to your 401(k), weโre focusing on the importance of doing so by reminding you of the peace of mind a solid 401(k) can unlock for you in retirement โ because thereโs just so many things!
- Maintain lifestyle: With steady income from investments and a large savings cushion, you can maintain your lifestyle of prior to retirement or finally live out your desired lifestyle. Retirement shouldnโt be about cutting back, it should be about rewarding yourself for all the years of hard work and sacrifice.
- Travel: Retirement is like unlimited PTO, so thereโs no excuse to not visit the places youโve been dreaming of. Never been to Europe or seen blue water? What are you waiting for?
- Purse hobbies and passions: Finally engage in the hobbies or passions you didnโt have time for or couldnโt allocate funds to. Whether itโs daily morning yoga classes or constructing your own in-home art studio, discover your guilt-free passion.
- Volunteer: Stay busy and motivated without the responsibility and commitment of a job. When youโre not focused on working for a paycheck and instead something you enjoy, working becomes more rewarding and fulfilling.
- Investment flexibility: Continue to manage and grow your investment portfolio, so you can do more of what matters to you.
- Healthcare costs: Cover healthcare costs that may arise or increase with age. See top doctors without worrying about medical expenses.
- Home upkeep: Maintain your home and make necessary modifications for aging in your current place. Make life easier and safer by installing handicap accessible features, if necessary, like a handicap scooter or extra railings in your home.
- Gifts: Pay it forward by providing financial support to loved ones. Help out in a way that helps set them on path to success, too, like covering tuition expenses or making an extra car or mortgage payment.
- Legacy planning: Make a plan for passing on your wealth to the next generation. Meet with an estate planner and get your affairs in order to make things easier for your family. Educate your kin on how to responsibly inherit your wealth.
- Long-term care: Moving yourself or your spouse into an assisted living or elderly care facility can get expensive. Save for the expected – and unexpected – to ensure a comfortable and desired living situation in a long-term care facility.
- Philanthropy: If youโre blessed with a more than comfortable financial situation in retirement and your family is taken care of, making a donation to a charitable cause close to your heart will leave you feeling fulfilled and the organization feeling gracious.
For more information on saving for retirement, visit www.PennCommunityBank.com.
