There is a lot of talk these days about the stock market, recession, and rising prices, and this can be unsettling. But, don’t get distracted from your goal of saving for a financially secure retirement.

• Three-legged stool is still important for a financially secure retirement.
• Consider your long term investment goals.
• The Texa$aver program offers a number of investment advisory resources.

Focus on a balanced plan for retirement

In any economy, you should focus on a balanced plan for your retirement savings. This plan should look like a three-legged stool. You need each leg to have a secure retirement:

• Your pension (ERS/TRS Annuity);
• Social Security; and
• Your personal savings and investments (such as a Texa$aver 401(k) or 457, or an IRA).

Depending on your retirement timeframe, you may have time to ride out the market’s ups and downs. As difficult as it may be, try not to let your emotions drive investment decisions. Want some help with your investment choices? The Texa$aver program has a variety of options for you.

Automatically make contributions

According to AARP, the best way to get through volatile markets or a tough economy is to make investing automatic. If you are contributing to a Texa$aver 401(k) or 457 Plan, keep making automatic monthly contributions. These contributions allow you to set aside money for retirement at regular intervals, helping bolster your retirement savings when the economy improves.

Longer life expectancy

Remember that Americans are living longer. A 58-year-old’s average life expectancy is 84, according to IRS Life Expectancy Tables. Depending on how long you live, your debt level, and health and lifestyle choices, you may need up to 120% of your current income.

Start now

It’s never too late to put a retirement savings plan in place. Having a plan keeps you on the path to the financial future that you want. And in times like these, a plan—not your emotions— should drive your investment decisions. If you don’t have a retirement savings plan, this is a good time to start one.