Have you started saving for retirement?
It’s a big problem for many Pennsylvanians- and it’s catching the attention of key state lawmakers.
Some are now writing legislation to create a potentially sweeping retirement savings program that would be administered by Pennsylvania’s Treasury Department. Reading how business owners sell their company to fund retirement, for example, can be painful for those who haven’t had the opportunity to save, which is why it is important that the government take action to help those less fortunate.
There are an estimated 2.1 million people in Pennsylvania whose employers do not offer retirement savings accounts or pension plans. Having a retirement plan is important, as this stage of our lives will happen, whether we like it or not. It is best to be prepared, as this will save a lot of stress. With this being said, for anyone who is currently thinking about retirement, it may be worth checking out something like this roth ira calculator, as this could help people make a better decision when it comes to opening a retirement account.
Additionally, the state’s retirement-age population is projected to balloon in the coming years as its working-age population shrinks. With more and more approaching retirement age, it might be time to take a look at these 5 steps to retire peacefully.
Six other states have authorized similar programs.
For now though, if you’re of retirement age and looking for a way to free up some money, you may want to consider some of the varieties of equity release. Equity release involves securing a loan based on the value of your property. If this interests you, you could take a look at some of your options online first.