When Retirement Saving Is Tough, Try a Few Basics

Between record inflation and a rocky stock market, saving for retirement might seem next to impossible. At least, that’s how a lot of Americans feel right now, according to a recent Blackrock survey. Even among those with workplace savings plans, fewer people say they’re on track for retirement than said so a year ago:

• People who feel they’re on track for retirement this year:  63%
• People who felt they were on track for retirement last year: 68% 

Thanks, stock market. Even with some recent gains, the Dow Jones and the S&P 500 remain on track for their worst year since the depths of the Great Recession.

There’s only one thing to do when economic conditions make the future seem so uncertain. Put blinkers on, ignore the noise of negative news and stick to your strategy.

If you’ve set a percentage of salary to save for retirement, good. When the stock market dips, you’re buying everything on sale. If it dips after you buy (I know — very painful) remember that the stock market produces positive returns more often than not.

For more, including some tips on the basics, read our story on how to save for retirement when it feels impossible.