National Retirement Security Week: History, Facts & Insights

This is an in-depth look at all the must-know facts about National Retirement Security Week (2024) 🗓️ that no one tells you about. National Retirement Security Week is observed on October 16th.

Among the information you’ll find below: the history of National Retirement Security Week, activities to do on and how to observe this holiday, as well as amusing facts you may want to know about National Retirement Security Week.

📅 What day is National Retirement Security Week 2024?

In 2024, National Retirement Security Week is on Monday, October 16th. It is the 3rd Monday in October; in 2024, it is Wednesday. There are until the next observance. You also can explore all the cool details and facts about October 16, 2023, that you might not be aware of.

The typical retirement age in the United States is usually between 62 and 67 years old. A recent poll conducted by Ubiquity Retirement + Savings, a fintech company dedicated to helping small business employees save for retirement, found that 80% of Americans consider saving for retirement to be important. However, only 56% of Americans actually take this belief to heart. National Retirement Security Week, which takes place during the third week of October, is aimed at raising awareness about the importance of retirement planning and helping individuals take concrete steps towards a secure retirement. This annual week-long event was established in 2006 through legislation sponsored by U.S. Senators Gordon Smith and Kent Conrad. In addition to increasing public awareness, the organizers of National Retirement Security Week (which runs from October 16-23 this year) encourage employees to consult with retirement plan experts and, if available, participate in employer-sponsored retirement plans.

📜 National Retirement Security Week History

✅ National Retirement Security Week Facts

🔖 Boost Contributions as You Age
Individuals who are 50 years old or older may have the opportunity to save an extra $6,000 annually without having to pay taxes on that amount.

🔖 If You’re Young, Invest More Aggressively
Opting for a more proactive investment strategy in the beginning can accelerate the growth of your savings and give you an opportunity to bounce back in case of a market decline.

🔖 Automate Your Saving
To make sure you save money consistently, set up automatic deductions from your salary for your savings.

👍 Why Is National Retirement Security Week Important

While we do not believe it is possible to plan out every element of one’s life, planning ahead of time when it comes to conserving money is essential. While there is nothing wrong with receiving assistance if you truly need it, it should not be your only option for financial support throughout your retirement years.

According to Ubiquity Retirement + Savings, 66% of Americans are concerned about not having enough money saved when they retire. These fears are not unfounded. One in every three Americans presently has less than $5,000 saved, which would only last a few months depending on location, and it is anticipated that half of Americans would be unable to maintain their quality of life after they retire.

While 28% of Americans fully utilize their company’s retirement savings choices, another 20% are not even provided with one. This week is here to assist those people in finding alternate choices, such as an Individual Retirement Account (IRA).

🙂 How To Observe National Retirement Security Week

⚡ Spread the word
Many people focus on their own financial concerns and prioritize their own interests when it comes to money. However, it’s important to remember that retirement planning should not be approached as a competition. National Retirement Security Week is a collaborative effort by both political parties to raise awareness about retirement planning. You can contribute to this cause by sharing information on social media, discussing retirement planning with friends, or organizing meetings at your workplace to educate your colleagues. By doing your part, you can help spread the message about the importance of securing a stable retirement.

⚡ Start saving money
Ubiquity Retirement + Savings reports that nearly one-third of Americans started saving in their 30s, while an additional 13% began saving in their 40s. It is important not to delay any further and start saving immediately.

⚡ Speak with a retirement plan consultant or expert
Around 60% of Americans believe they have a decent understanding of how their retirement plans work, while about 30% admit to having no knowledge about it. It is advisable to seek the assistance of a consultant or specialist who can guide you through the intricacies and work together with you to create a retirement strategy that suits your individual situation.

📅 When is National Retirement Security Week?

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