Retirement savings may be difficult for some.

Retirement savings may be difficult for some.

Reaching retirement can be a difficult task for some people, but there may be options available to shore up a personal finance plan that will properly set someone up for a strong financial future.

Many Americans don’t think to take out a retirement plan or access one from their employer right away, but doing so is beneficial, according to Prudential Retirement. This, coupled with a strong investment plan may help a person get on the right track.

“It’s never too late to begin,” said Christine Marcks, president of Prudential Retirement. “The sooner you start contributing to your employer-sponsored retirement plan or IRA, the better your chances for building a significant savings cushion. Once you start saving, it becomes even easier to make small increases with your savings allocation. The impact is often barely noticeable in your paycheck, but could really make a big impact on your retirement savings over time.”

Having a strong financial strategy that will benefit later life can be important. Citing the National Retirement Risk Index from the Center for Retirement Research at Boston College, the report showed that the standard of living consumers that had before retirement dropped notably. Approximately 53 percent of Americans were unable to keep this type of living situation when they retired in 2010, while the figure was just 44 percent in 2007.

Americans still positive about finances
There may be more people getting their financial situation in order, especially as the year goes on. According to a report from Country Financial, nearly one-third of Americans noted that 2014 will be a better one than 2013 when considering their finances. The last time the figure was so high was in late-2007, when 42 percent noted the same.

“It’s great to see more Americans are optimistic about their 2014 financial situation,” said Joe Buhrmann, manager of financial security support at Country Financial. “Creating a financial plan – or reviewing your existing one – will help ensure that confidence remains throughout the year. While there are outside factors affecting financial security you can’t control, focus on those you can control when laying out your short-term and long-term financial goals.”

Nearly half of Americans felt they would see more income this year, the report explained. Another 14 percent said that their debt levels may subside by the end of this year. Just one-quarter of Americans felt that their financial situation would worsen compared to last year.

Debt issues linger for some
Solving financial issues may be easier said than done for some people, especially when it comes to debt. This problem may take a long time to solve, and tackling it quickly can be important.

About 51 percent of Americans have a higher level of emergency savings than credit card debt, according to a report from Bankrate.com. The figure hasn’t been this low since the measurement began in 2011.

Nearly 30 percent of those polled explained they have a higher level of credit debt than emergency savings, the report showed. Just 17 percent of Americans are without both credit card debt and savings for a rainy day.

“This is a reflection of the stagnant incomes, long-term unemployment and high household expenses that are hampering the financial progress of many Americans,” said Greg McBride, chief analyst at Bankrate.com.

Many people are not comfortable with their own savings, as this reading dropped to its lowest level in the past 12 months, the report added. There are twice as many Americans who are uncomfortable with their current financial situation than those who are happy with their standing.

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