While Americans overwhelmingly say it's important to save for retirement, many aren't sure whether they're saving enough.
A recent survey found that more than half of those between ages 45 and 54 don't feel financially prepared to retire when they hope to.
Chad Waddoups, VP Wealth Management at Mountain America Credit Union, joined us to talk about how more of us can feel prepared for that eventual retirement.
For those in the 45 to 54 year old age group, Chad says first and foremost, they really need to get their arms around what they hope retirement will look like.
He says the easiest way to do that is meet with a qualified financial professional who can walk through the retirement planning process with you.
He explained that they will ask questions about what you'd like to do in retirement, for instance do you want to travel, make any big purchases or work park time?
That can help you determine what that lifestyle will cost based on your current spending and what kind of retirement you're aiming for.
Then they can look at your current savings balances and savings rate and other expected income sources like Social Security, and see whether you're on track to meet your goal.
If you're not on track for the retirement you hope for, not knowing that isn't going to make it better for you.
The unknown is actually a lot scarier than knowing what you need to do and then figuring out how you get there.
The best thing you can do for yourself is just have that initial conversation with a wealth advisor who can put two points on your retirement roadmap: where you're starting, and where you're trying to get.
Once you know those two things, there are many different routes you can take to get to your destination. But you have to know where you are and where you need to be before you can really see which path you want to take to get there.
If you aren't already working with a financial advisor, the first step is finding one you can talk with.
Head over to macu.com/retirement to schedule a free consultation.
