Amid retirement worries, putting away a portion of each paycheck is worthwhile

By Ashley Luthans
In today’s financial climate, the idea of retirement may seem out of reach to many working-class Americans.
Many members of Generation X are getting ready to retire, yet they don’t know if they will be able to comfortably support themselves without a job.
According to Northwest Mutual’s 2024 Planning and Progress study, Americans believe that $1.46 million will be needed for comfortable retirement in 2024, with the number only rising.
However, Nick Gertsema, CEO and wealth advisor at Gertsema Wealth Advisors, said there is no “magic number” when it comes to saving for retirement.
“So many people drive to a magic number, but there isn’t a magic number,” Gertsema said. “When you think about it, everyone has a different standard of living, everyone has different things they want to accomplish in retirement. We like to ask our clients if they’re retiring to something or from something. And if you’re a homebody and you want to stay at home and work in your woodshop, that’s gonna cost a lot less than if you want to take four or five cruises a year.”
Gertsema’s main advice was to start saving as early as possible, and even use a financial plan.
“I challenge anybody: If you make money, it’s very easy to be able to spend it,” Gertsema said. “But if you start putting things away, automated 401(k)s are a great way … because you don’t see that money hit your checking account. Pretend it doesn’t exist.”
And to those who are already getting close to retirement age: It’s not too late to keep saving.
“I know Generation X is gonna turn 59 and a half this year. Now they don’t have to get that 10% early withdrawal penalty (for 401(k)) anymore; don’t pay any attention to that unless you’re gonna retire,” Gertsema said. “Keep putting the money away in places that you’re not paying attention to.”