Home » OPINION » Columns » It’s time to figure out your retirement?

It’s time to figure out your retirement?

Do you know how much is in your 401(k)? What about your spouse’s balance? What is your contribution rate? How much is your spouse contributing? Clueless on all counts?

You’re not alone. Fidelity surveyed 401(k) participants and found that half didn’t know what was in their very own retirement account. Only 37percent of husbands know what’s in their wives’ accounts, and 21 percent of wives know what’s in their husbands’ accounts. C’mon ladies!

I know you’re busy. You’re both working. The kids have soccer games on the weekend. Schoolwork and dinner suck up your evenings. But this is important! Your biggest asset is probably your retirement account. Can’t you at least give this asset an hour of your attention one time a year?

Schedule a meeting with your spouse. Before you meet, each should do some homework. Print out the latest statement on your 401(k). Find out your percentage contribution rate from the Personnel Department. Ask what the employer match is.

Sit down and play show-and-tell with your plans. One person could set up a spreadsheet listing all the family assets and liabilities. Fill in the blank with your plan numbers. Stare at the total a LONG time, and ask the very serious question, “Is this enough?”

If you need help calculating a savings rate, you can turn to an online retirement calculator. You can also schedule an appointment with a fee-only financial advisor. This person can help with a savings plan and can make recommendations on fund choices within each retirement plan. It’s money well-spent.

And while you’re at it, go online to socialsecurity.gov and get a benefits calculation for each partner. You’ll get hard numbers and hard dates to use as you plan for the total picture.

School’s almost out. Maybe things will slow down. Make a date with your spouse. Light a few candles. Pop a cork. It’s show-and-tell time!


… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About Nancy Anderson

Leave a Reply