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How to Optimize Your Retirement Savings After a Career Break

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Are you one of the millions of Americans considering heading back to work after taking a career break to care for a loved one? Thinking about rebooting your career might leave you feeling giddy or even anxious and uncertain. Whether you have been out of the professional world for two years or 12, relaunching your career can mean exciting new possibilities for your professional and financial goals.

 

Once you’ve decided the time is right, sites like iRelaunch can help make it easier to get the ball rolling. As you begin thinking about the type of work you want to do, take time to consider the benefits and salary you want too. After all, going back to work is an opportunity to achieve your professional and financial goals. 

 

Speaking of financial goals, it might make as much sense to be strategic in how you optimize your retirement savings as it does for networking and job hunting.  

 

The value of a written plan

“Workers with a written plan are retirement strategists,” according to the Aegon 2017 Retirement Readiness Survey from the Aegon Center for Longevity and Retirement. This same survey tells us, “An essential ingredient for achieving long-term financial security is having a well-developed strategy. However, when asked about their retirement strategy, the survey found that only 14 percent of workers globally currently have a written plan. A further 44 percent say they have a plan but that it is not written down. Two-fifths (38 percent) have no plan at all.”

 

As you outline your plan of attack for reentry, consider writing down your retirement savings strategy as well. It can help you more effectively implement your plan, which might result in closing the gap in your retirement savings faster. The Aegon survey says those who write down their retirement plan are 26% more likely to put their plan into action.

 

Going back to work can provide exciting benefits and opportunities. Being strategic about what you do with your new income can help you make the most of the money you’re making.

 

Have you recently returned to work? Share your experience with our community.

 

Looking for additional information on how to maximize your new income? Visit Knowledge Place and read our article “You Got a Raise Now What?”

 

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This material was prepared for general distribution.  It is being provided for informational purposes only and should not be viewed as an investment recommendation.  If you need advice regarding your particular investment needs, contact a financial professional.

Insurance products and services are offered or issued by Transamerica Life Insurance Company, Cedar Rapids, IA; Transamerica Financial Life Insurance Company, Harrison, NY (licensed in New York); Transamerica Advisors Life Insurance Company, Little Rock, AR; Transamerica Premier Life Insurance Company, Cedar Rapids, IA; and Transamerica Casualty Insurance Company, Columbus, OH. Variable products and mutual funds are underwritten and distributed by Transamerica Capital, Inc., or Transamerica Investors Securities Corporation, each a broker/dealer and member of FINRA. Securities and investment advisory services offered by Transamerica Financial Advisors, Inc., a broker/dealer, member of FINRA, SIPC and a Registered Investment Adviser. Investment advisory services focused on the unique needs of individual retirees, retirement plans and their participants offered by Transamerica Retirement Advisors, LLC, a Registered Investment Adviser. References to Transamerica on this site apply to an individual company or collectively to these and other Transamerica companies. This site may not yet be approved by the Departments of Insurance in all states at the time of publication. Transamerica companies are part of the Aegon Group. Copyright 2011 - 2017 Transamerica Corporation, 4333 Edgewood Road NE, Cedar Rapids, IA 52499 - All Rights Reserved. Transamerica does not sponsor, endorse or promote any products or services mentioned

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