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Emergency Savings Account

Retirement Savings… Are You on Track?

September 21, 2016 by admin

By Mack Bekeza

Retirement savings… that thing you are supposed to live off of when you no longer want to work. Although people seem to talk about it frequently, most people do not realize how important it is to actually save for retirement. In fact, there are numerous statistics that show how little people save for it. For instance, 40% of working Americans are currently not saving for retirement at all. And on top of that, 80% of Americans ages 30-54 believe that they will not have enough saved for retirement.

So, how come Americans do not save for or are not confident about retirement? For starters, many believe that saving for retirement is not worth it because they can just rely on Social Security. However, what most people do not realize is that Social Security was meant to supplement retirement, not completely fulfill 100% of a retiree’s needs. And, if you fall into a higher income bracket, Social Security will only cover a small fraction of your income. Another reason people fail to save for retirement is because many families live above their means, meaning that they typically spend more money than they make. This also explains why many people lack sufficient emergency funds.

So, are you on track when it comes to retirement savings? First, do you know how much you need save to support 70-85% of your current income in retirement? If you do not, J.P Morgan offers a Retirement Savings Check Point. If you are surprised as to how much you need to have saved, consult with a Financial Advisor, such as Castle Rock Investment Company, to discuss what is an appropriate savings rate for you and how to get there!

Although the idea of saving for retirement can be quite intimidating, the need to have sufficient savings is becoming more and more crucial as the cost of living and reaching important goals are increasing every year.

© 2016 Castle Rock Investment Company. All rights reserved. Please share your insights with us at mack@castlerockinvesting.com or via phone at 303-719-7523

Filed Under: 401K, Advice, Blog, Castle Rock Investment Company, Mack Bekeza, Personal Finance, Retirement Plans, Roth Accounts, Services, Uncategorized Tagged With: 401k, budgeting, Emergency Savings Account, IRA, JPMorgan, money, retirement, roth, saving, Social Security

Saving for the Scary Times – Emergency Savings Accounts

October 29, 2015 by admin

ghostAs we approach the scariest day of the year, our thoughts naturally drift towards ghosts and other spooky things. What else is really scary that should be keeping you up at night? If you haven’t started an emergency savings account, or you don’t have enough saved in it. Life’s unexpected events will be much less scary, and leave you much less vulnerable, if you have the funds set aside to cover them.

What will an emergency savings account cover?
Your emergency savings account will cover healthcare expenses, food, housing (rent, mortgage, home repairs, etc.), transportation, personal expenses, etc. It is important not to underestimate your expenses when planning how much to save.

How much should you have saved in your emergency savings account?
Experts’ opinions vary on this but generally, emergency savings accounts should cover six months to nine months of expenses. Families with a single income should be on the higher end of this range, while retirees with regular pensions can be on the lower end.

Where should you store your emergency savings account?
Conservative options to house your emergency savings account include opening a regular savings account, a certificate of deposit, or a money market account.  Consider making it somewhat inconvenient to access the funds, including housing the account at a different bank, so you will not be tempted to use the funds for anything other than an emergency.

How should you save for your emergency savings account?
It is best to set a small goal for your emergency savings account and then work your way up to a larger amount.  Consider making donations to the account as part of your regular budget, even having them automatically deducted from your paycheck.

If you have any questions regarding saving for your emergency savings account, please consult with your financial planner. Don’t let an unexpected event “boo” you!

 

Filed Under: Advice, Blog, Castle Rock Investment Company, Uncategorized Tagged With: Emergency Savings Account, financial planner

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Castle Rock Investment Company, formed in 2006, is an independent woman-owned SEC-registered investment adviser located in Castle Rock, Colorado. We specialize in individual financial plans and qualified service plans.

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