Save now for $$ later
Most law enforcement officers look forward to receiving a pension, but it’s still important to save more for your retirement. A recent Employee Benefit Research Institute survey reported that 57% of U.S. workers have less than $25,000 in total household savings and investments excluding their homes set aside for retirement years. The survey also found that 28% of Americans have no confidence they will have enough money to retire comfortably—the highest level in the study’s 23-year history. This is a disaster especially when you consider that people are living a lot longer and that could add $97 billion to pension liabilities in coming years, an increase of up to 5%.
Read the Wall Street Journal on this trend. It will make you want to bite the bullet and start saving more. If you are still in your 20’s, it will mean a lot more money and a more fun life style once you get ready to leave the job.
If you have saving tips that have worked for you, share them with your fellow officers in the comment section below.
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