Enjoy this improvement in your retirement savings outlook, but don’t forget to keep on saving and investing.
The median savings rate in a retirement plan is now 8.8 percent of pay, up from 3.6 percent in 2006, according to Fidelity.
This is still far below Fidelity’s suggested savings rate of 15 percent of salary, including employer matches.
Though near-term market volatility may be enough to send investors to the exits, take the time to revisit your asset allocation and remind yourself of your long-term goals.
Avoid knee-jerk decisions when the market slips.
“If you have an investment allocation, you should design it to weather market conditions,” said Kate Stalter, president of Better Money Decisions in Sante Fe, New Mexico. “Volatility is a normal part of the market, and people forget it.”
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