Are Your Volunteers Protected? What Every Nonprofit Should Know

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Presented by Sarah Goyette

Volunteers are the heart of many nonprofit organizations, but one important coverage gap is often overlooked.

In most cases, volunteers are not considered employees and are therefore not covered under a Workers’ Compensation policy. If a volunteer is injured while helping your organization, they may have limited options for covering medical expenses unless other protections are in place.

To help reduce your organization’s exposure, nonprofits should consider:

  • Using volunteer waivers or liability releases. While a waiver cannot prevent every claim, it can help demonstrate that volunteers understand the risks associated with their activities.
  • Reviewing Volunteer Accident & Health coverage. This optional policy may provide benefits for volunteers injured while performing authorized duties for your organization.

It’s important to understand that Volunteer Accident & Health coverage is generally supplemental. This means a volunteer’s own health insurance is typically the primary source of coverage, and the accident policy may help pay eligible expenses that remain after the health insurance has responded, subject to the policy’s terms and limits.

Every nonprofit is unique, and volunteer exposures can vary significantly depending on the organization’s activities. Taking a few moments to review your volunteer management procedures and insurance program can help protect both your volunteers and your organization.

If your organization relies on volunteers, we’d be happy to review your current coverage and discuss whether additional protection may be appropriate.

 

Keep Your Summer Fun Worry Free

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Summer is the season for vacations, backyard barbecues, pool parties, and weekends on the water. While you’re busy making memories, it’s also the perfect time to ensure your insurance coverage keeps pace with your summer activities. A quick policy review today can help prevent unexpected expenses tomorrow.

  1. Make Sure Your Home Is Ready for Summer Guests

If you have a swimming pool, trampoline, fire pit, or regularly host family and friends, it’s worth reviewing your homeowners liability coverage. Accidents can happen, and if someone is injured on your property, you could be responsible for medical expenses or legal costs.

Take a few minutes to review your liability limits with your insurance advisor. If you want additional peace of mind, a Personal Umbrella Policy can provide an extra layer of protection beyond your home and auto insurance.

  1. Protect Your Summer Toys and Travel Plans

Boats, motorcycles, RVs, campers, ATVs, and Jet Skis all come out during the summer months. Before heading out, confirm that each vehicle has the right coverage for how you use it.

Planning to rent a car while traveling? Check with your insurance agent before your trip to see whether your personal auto policy covers rental vehicles or whether purchasing the rental company’s collision damage coverage makes sense for your situation.

  1. Review Your Renewals and Look for Savings

Summer is a common time for home and auto policy renewals. With continued changes in the insurance market, your premiums or coverage may have changed since your last renewal.

Instead of simply renewing your policy, take the opportunity to:

  • Review your coverage limits and deductibles.
  • Make sure you’re receiving every available discount.
  • Ask about bundling your home and auto policies.
  • Consider smart-home devices, such as water leak detectors or monitored fire alarms, that may qualify for additional savings.

Enjoy Summer with Confidence

Whether you’re planning a family vacation, spending weekends at the lake, or hosting friends for a cookout, a quick insurance review can help ensure you’re protected before the unexpected happens.

If you have questions about your current coverage, the team at Cleary Insurance is here to help. Contact us today for a complimentary policy review so you can enjoy a safe, fun, and worry-free summer.

 

Summer Safety Checklist

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Summer is a time for outdoor adventures, family gatherings, vacations, and making memories. Whether you’re spending the day at the beach, working in the yard, enjoying a backyard barbecue, or traveling with family, being prepared for common summer injuries and illnesses can help you handle unexpected situations with confidence.

A well-stocked medicine cabinet and first-aid kit are simple ways to protect your family during the warmer months. Before summer activities are in full swing, take a few minutes to review your supplies, check expiration dates, and replace any items that are outdated or running low.

Why You Should Check Your Medicine Cabinet Before Summer

Many common summer issues can be treated quickly when you have the right supplies on hand. Sunburns, insect bites, allergic reactions, minor cuts, scrapes, and dehydration can happen when you least expect them.

Medications and first-aid products can lose effectiveness over time, especially when exposed to heat and humidity. Storing your supplies in a cool, dry location and replacing expired items regularly helps ensure your family is ready when they need them most.

Summer Medicine Cabinet Essentials

1. Pain Relievers and Fever Reducers

Keep common medications such as ibuprofen or acetaminophen available for headaches, minor aches, and fever.

2. Allergy Relief Products

Summer allergies can make outdoor activities uncomfortable. Consider keeping antihistamines, nasal sprays, and allergy eye drops available for seasonal allergy symptoms.

3. Bug Bite and Skin Relief Treatments

Mosquitoes, ticks, and other insects are common during summer. Hydrocortisone cream, anti-itch treatments, and insect bite relief products can help soothe irritation.

4. Sunscreen and Sunburn Care

Protect your skin with a broad-spectrum sunscreen and keep aloe vera gel or after-sun lotion available to help soothe skin after too much sun exposure.

5. Insect Repellent

A quality insect repellent can help protect your family from bites while enjoying outdoor activities like camping, hiking, and backyard gatherings.

6. Hydration Supplies

Hot weather increases the risk of dehydration. Electrolyte drinks or oral rehydration packets can be helpful after extended time outdoors, exercise, or heat exposure.

7. Basic First-Aid Supplies

Every home should have essential first-aid items, including:

  • Adhesive bandages
  • Gauze and medical tape
  • Antiseptic wipes
  • Antibiotic ointment
  • Tweezers
  • Scissors
  • Instant cold packs

These supplies can help treat minor injuries before they require professional medical attention.

Don’t Forget Your Summer Safety Plan

A little preparation goes a long way toward protecting your family and enjoying the season. Along with updating your medicine cabinet, take time to review other areas of your summer safety checklist, including pool safety, home security, and insurance coverage for summer activities.

At Cleary Insurance, we believe prevention and preparation are key to protecting what matters most. If you have questions about your home, auto, or personal insurance coverage, our team is here to help.

Contact Cleary Insurance today for a policy review and enjoy a safe, healthy, and worry-free summer.

Recent College Graduates and Parental Support

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Presented by:

Matthew Clayson Financial Advisor, CA Insurance License No. 0I01304
Cross Coastal Advisors
Needham Office : (781) 400-8641 mclayson@crosscoastaladvisors.com www.crosscoastaladvisors.com
197 First Avenue, Suite 250
Needham, MA 02494

Many recent college graduates are collecting their diplomas and promptly moving back into their childhood bedrooms.

The financial challenges are real for recent college graduates. The market for entry-level jobs has been turned upside-down by artificial intelligence. The costs of everything are going up briskly.

Parents are realizing the Bank of Mom and Dad might have to stay open a bit longer, but are hoping it isn’t forever.

Our panel discussion featured five economists and personal financial authors. The conversation about the intricacies of supporting adult children got surprisingly personal.

The following has been edited for clarity and length.

Oyin Adedoyin, Wall Street Journal personal finance reporter: Say you’re a parent of a recent college graduate who is struggling to land a job and asking for money. What do you say?

Laura Ullrich, economist at job-search site Indeed: I have a son who has just moved home who is actively seeking a job. If graduates, including my son, had a degree in nursing or early childhood education or electrical engineering, he probably would have a job. But he just finished a master’s in data science. That is the softest sector in our data.

Matt Schulz, author of “Ask Questions, Save Money, Make More: How to Take Control of Your Financial Life”: My son just finished his sophomore year and is in the business school. So I am not super thrilled about what you just said about data science prospects.

My general advice is the same as I give in many aspects of money: control what you can control. Maybe the biggest ‘control what you can control’ thing is just networking and getting out and meeting as many people as you possibly can.

Caitlin Zaloom, author of “Indebted: How Families Make College Work at Any Cost”: My son is in the next room. He just returned from his sophomore year of college and is madly doing all of the networking that you’re suggesting, Matt.

There’s a lot of pressure on young people to a degree that I have not seen before in my own research.

I think AI and the pressure that it’s putting on young people makes the sort of extended dependence on families—that has been going on for a couple of decades now—in some ways more explicit.

Oyin Adedoyin: When does it make sense as a parent to help your kid, even if it might cost you hard-earned retirement savings?

George Kamel, co-host on “The Ramsey Show” and author of “Breaking Free From Broke”: What we’re finding is a lot of parents are retiring with not a huge nest egg, and then robbing it to try to help their kids get a leg up, which in turn makes them a financial burden on the kids later on in life.

John Campbell, co-author of “Fixed: Why Personal Finance is Broken and How to Make it Work for Everyone”: Some people are in a more comfortable position because they own a home and the home has appreciated. It might well be a smarter move to take out a second mortgage and tap the home equity.

Laura Ullrich: I think it’s also really important to set expectations with your recent college graduates about what you are willing to do and what you are not. They may not want to come home after college and deliver food via DoorDash or Uber, but those opportunities are available.

Oyin Adedoyin: A lot of recent college graduates online are saying, “The economy is so bad that you might as well chase your dreams.” With the risk for entry-level jobs, they are thinking there is value in trying to strike gold with a music career or trying to be a famous internet personality. How long of a financial leash should parents extend to their children to pursue a long shot?

John Campbell: Think about the cost of living in different places. I live in a suburb of Boston that’s super expensive. I also have a weekend house in Biddeford, Maine, which is a former industrial town. And the contrast in the life that you see is very striking because in Biddeford, the rents are low, and young people can actually start interesting small businesses.

If they tried to do that in the Boston metro area, it’s almost impossible because of the cost of living.

Oyin Adedoyin: Say you want your recent college graduates to become more financially independent. Where do you start?

George Kamel: We took a call; it was a couple in their 80s trying to evict their daughter, who was in her 50s and still living at home. That’s a worst- case scenario, of course, but every parent’s fear is that your child never launches.

I just think one of the cruelest things you can do is to coddle your child in a false reality versus helping them figure out the real reality.

Caitlin Zaloom: As Americans, we carry this idea that kids should be autonomous from their parents and financially independent.

That’s the expectation, and that has become increasingly difficult. So that reality needs to be part of the conversation between parents and kids starting quite young.

Oyin Adedoyin: Is it better to get a loan from a family member or a bank?

George Kamel: I think I’d rather go to the mafia than to my parents, ’cause it creates a really awkward dynamic. Mom and dad see you going on that vacation when you owe them money, and the relationship changes.

I always tell people, “Do a gift, not a loan, if you wanna save the relationship.”

John Campbell: I could not agree more.

Matt Schulz: There are cases where borrowing from a parent makes all the sense in the world. My wife and I borrowed money for a down payment from my father-in-law for our first house, and he told me that it was a gift. And I told him, “We are paying you back,” and we did.

Oyin Adedoyin: Why is it so hard for parents to kick their children off of the family cellphone plan?

Caitlin Zaloom: Parents don’t think of paying for their kid’s cellphone as giving their kid money. It’s an extension of being part of the family.

John Campbell: It actually can be smart financially to pool cellphone usage into a family plan. But you can ask your recent college graduates to pay you the marginal cost of their presence in the plan.

George Kamel: It kind of feels like changing your bank. It’s just a little bit of a hassle, and nobody wants to go through with it, but I do think there is a symbolic level of independence when you’re covering your own bill under your name.

Write to Oyin Adedoyin at oyin.adedoyin@wsj.com

This Wall Street Journal article was legally licensed by AdvisorStream.
Dow Jones & Company, Inc.

Information from third parties may be proprietary, privileged and/or confidential, any use, copying, retention or disclosure is strictly prohibited. Securities and investment advisory services offered through qualified registered representatives of MML Investors Services, LLC, Member SIPC. The views and opinions expressed are those of the author(s) and may not accurately reflect those of MML Investors Services, or its affiliated companies. Local firms are sales offices of Massachusetts Mutual Life Insurance Company (MassMutual), and are not subsidiaries or affiliates of MassMutual, MML Investors Services, or their affiliated companies.

 

 

Dirty Dozen List of Pesticide -Contaminated Produce

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The Environmental Working Group (EWG) has released its highly anticipated annual Dirty Dozen report, ranking fruits and vegetables based on pesticide residue levels. This report relies on comprehensive data from the U.S. Department of Agriculture and the U.S. Food and Drug Administration, providing consumers with valuable insights into the produce they may want to include in their diets.

Dirty Dozen List**

The 2026 list reveals a concerning lineup of fruits and vegetables most likely to contain significant pesticide residues. These include:

  1. Spinach
  2. Strawberries
  3. Grapes
  4. Peaches
  5. Apples
  6. Blueberries
  7. Cherries
  8. Nectarines
  9. Kale, collard greens, and mustard greens
  10. Potatoes
  11. Pears
  12. Blackberries

Remarkably, nearly all conventionally grown produce samples tested positive for detectable pesticide residues, which underscores the extent of the problem.

In addition, this year’s report highlights the pervasive presence of PFAS, commonly referred to as “forever chemicals.” These substances are known for their durability in the environment and the human body. Among the findings, one pesticide was noted for its frequent occurrence across samples, especially in peaches and plums, raising concerns about its safety.

Clean Fifteen**

On a more positive note, the Clean Fifteen lists produce with the lowest pesticide residues, making them safer to buy conventionally. Many of these items have thick skins, natural pest resistance, or are grown in controlled environments. The 2026 Clean Fifteen includes:

  1. Pineapple
  2. Sweet corn (fresh and frozen)
  3. Avocados
  4. Papaya
  5. Onions
  6. Sweet peas (frozen)
  7. Asparagus
  8. Cabbage
  9. Cauliflower
  10. Watermelon
  11. Mangoes
  12. Bananas
  13. Carrots
  14. Mushrooms
  15. Kiwi

Almost 60% of these items had no detectable pesticide residues, and only a small fraction contained multiple pesticides. Therefore, these foods are generally safe to purchase conventionally, although organic options can be chosen if desired.

Summary**

Experts emphasize that, regardless of whether fruits and vegetables are organic or conventionally grown, they remain safe to consume when handled properly. In fact, the health benefits of a diet rich in fruits and vegetables far outweigh any potential risks from pesticide exposure. To reduce these risks, consumers should wash their produce thoroughly under running water. Additionally, choosing frozen or canned alternatives can also be a smart option.

 

Provided by Cleary Insurance, Inc. This content is for general informational purposes only and should not be considered legal advice.

War in Iran Is Driving Costs Up -Here Are Ways to Save

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Presented by: Matthew Clayson

Matthew Clayson is a Financial Advisor at Commonwealth Financial Group. He is a registered principal of, and offers investment advisory and financial planning services through, MML Investors Services, LLC, Member SIPC (www.sipc.org).  

Aimee Ortiz
March 13, 2026

The widening war in Iran is now in its third week, and American consumers are already feeling the effects of rising gasoline prices, with the price of food and other essentials likely to follow. For consumers already reeling from inflation and a cooling job market, the fallout from the war presents another financial challenge. Even if the conflict were to end today, economists warn, the economic impact is likely to linger.

We reached out to some experts for advice consumers could follow to minimize the impact on their pocketbooks.

At the Gas Pump

With the average cost of gasoline reaching $3.598 Thursday, according to AAA data, drivers searching for ways to save have a few options.

Reducing highway speeds by 5 to 10 mph can increase fuel economy by as much as 14%, said Aixa Diaz, a AAA spokesperson. That’s because the fuel economy for most cars peaks at around 50 mph before dropping off.

Excessive idling can also waste gas, she said, as can driving with low tire pressure.

“If your tire pressure is low, your car’s going to be working harder, and then you’re just wasting fuel,” Diaz said.

Drivers should remove any extra weight from their vehicles, Diaz said. If you’re still lugging around furniture that you keep meaning to donate but never do, now is the time to finally drop it off, she said.

And Diaz encouraged drivers to sign up for gas-station rewards programs to earn points for discounts on fuel purchases. At the pump, she said, drivers should skip premium-grade gas, which is more expensive, in favor of regular gas, if their vehicle takes it — and most do.

Many vehicle owners’ manuals recommend premium gas, but “recommended and required are two different things,” Diaz said, adding, “Most cars are perfectly fine with just regular gasoline.”

On the Road

Gas prices are typically higher in the spring and summer, when more people drive, but the conflict in the Middle East has accelerated the seasonal ascent, Diaz said.

Drivers planning a road trip can make use of free travel tools, such as AAA’s TripTik, which shows gas stations, electric vehicle charging stations, hotels, campgrounds, restaurants, and attractions along planned routes. One benefit, Diaz said, is it keeps drivers on track, avoiding detours that can burn more gasoline and lead to unnecessary spending. The motor club also offers a gas-cost calculator that can estimate your car’s fuel costs.

Apps like Waze use real-time traffic data to direct drivers to the shortest (and therefore the most efficient) routes. And the GasBuddy app directs drivers to the cheapest gas near them.

Diaz said drivers also should be mindful of where they spend their money on road trips. Often, gas stations near highway exits are more expensive than those a few miles away. If you have enough gas, it may be worth driving a few more minutes to find a better price.

Snacks add up, too. Avoid gas station convenience stores, Diaz said, and instead stock up on treats at your local grocery store before your trip even begins.

At Home and the Grocery Store

Rising oil prices affect virtually all goods, not just at the gas pump.

“Anything that you buy that gets delivered by truck is going to be more expensive because diesel’s gone up,” said Daniel Burnside, a clinical professor in finance at the University of Rochester’s Simon School of Business.

Burnside said there are simple ways to save money.

That could mean taking public transportation instead of driving, washing your clothes in cold water to save on energy costs, cutting back on subscriptions you don’t use, or delaying purchases of anything you don’t really need, he said.

Describing the drive to save money as “an evergreen problem,” Burnside said, “You could use all the techniques that worked last week, it’s just now it seems more urgent because all of a sudden all your costs are going up.”

 

c.2026 The New York Times Company

This New York Times article was legally licensed by AdvisorStream

Information from third parties may be proprietary, privileged, and/or confidential; any use, copying, retention, or disclosure is strictly prohibited. Securities and investment advisory services offered through qualified registered representatives of MML Investors Services, LLC, Member SIPC. The views and opinions expressed are those of the author(s) and may not accurately reflect those of MML Investors Services or its affiliated companies. Local firms are sales offices of Massachusetts Mutual Life Insurance Company (MassMutual), and are not subsidiaries or affiliates of MassMutual, MML Investors Services, or their affiliated companies.

 

 

 

 

 

Home Maintenance Tips for Spring

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By Travelers Risk Control

The milder days of spring are a perfect time to do a thorough spring cleaning and perform home maintenance. After a long winter, it is a good idea to take preventive measures to help maintain your home and property year-round. Tasks such as cleaning out your gutters, checking for dead trees and branches, and cleaning and inspecting home mechanical and plumbing systems, such as heating and air conditioning equipment, can help make spring a season of safety.

Somebody should do the cleaning and maintenance of your home, both inside and out. Although the tasks are different, checking whether all the elements of your home are in good working order can help keep your family safe and your maintenance expenses lower in the long run.

Home maintenance inside your home

Here are a few things inside your home that somebody should inspect to determine if they are in good condition:

  • Electrical outlets and cords: Check throughout your home for potential fire hazards, such as frayed wires or loose-fitting plugs. Extension cords and power strips are not intended to be permanent fixtures and should be used only temporarily.
  • Fire extinguishers: Check your fire extinguisher at least once yearly, including the hose, nozzle, and other parts, to ensure they are in good condition and that the pressure gauge is in the “green” range. Check the expiration date. If necessary, move your fire extinguisher to an accessible location so you can reach it easily in an emergency.
  • Air conditioning: Check around the unit for indications of leaks. Before turning it on for the season, have your air-conditioning system inspected and tuned up by a professional. Check the drain lines annually and clean them if they are clogged. Change the air filter.
  • Water heater: Check for leaks and corrosion. Check your owner’s manual for any recommended maintenance.
  • Furnace or boiler: Have your furnace or boiler cleaned or inspected annually.
  • Under sinks and around toilets: Look for any signs of leaks or corrosion on pipes, supply lines, and fixtures.
  • Plumbing: Check exposed pipes and valves in your basement or crawl spaces, if safely accessible, for signs of leaking or corrosion.
  • Appliances: Check supply lines for washing machines, ice makers and water dispensers, refrigerators, and dishwashers for signs of leaks or wear and tear.
  • Plumbing for hose spigots and irrigation systems: After opening outdoor water supply valves, be sure to inspect components for leaks. Don’t forget to check inside plumbing as well as outdoor spigots.
  • Dryers: Dryer lint can build up inside the vent pipe and collect around the duct. Clean both the clothes dryer exhaust duct and the space under the dryer. Use a brush to clean out the vent pipe. Look for lint buildup around the lint trap and clean it as needed
  • Smoke detectors: Daylight savings time is a good time to change the batteries in your smoke detectors. Inspect each smoke detector to ensure they are in working order, and test them monthly. Ideally, there should be at least one smoke detector on each floor of your home, including outside of each bedroom, and one within each bedroom itself.
  • Light bulbs: Check each light bulb in every fixture to ensure the recommended wattage and replace any burned-out bulbs.

Home maintenance outside your home

The cold winter months can also damage your house. Here are a few things outside your home that should be inspected to ensure they are in good condition:

  • Roof: Check for any damage from snow or ice, and make any necessary repairs to reduce the possibility of leaks. If you have a skylight, check outside for a buildup of leaves and debris. Also, check the indoor ceiling for signs of leaks. Remember to put safety first any time you are on a roof. If you have any doubt, leave it to the professionals.
  • Gutters: Clean leaves and other debris from gutters and downspouts to keep water flowing and reduce the possibility of water damage.
  • Trees: Visually inspect trees for damage or rot, and remove (consider hiring a licensed professional) any dead trees that might blow over in heavy winds or during a storm. Keep healthy trees and bushes trimmed and away from utility wires.
  • Lawn equipment: Make sure lawn mowers, tractors, and other equipment are tuned up before using. Store oil and gas for lawn equipment and tools in a vented, locked area.
  • Walkways and driveways: Repair any cracks and broken or uneven surfaces to provide a safer, level walking area.

A little home maintenance in the spring can go a long way toward keeping your home safe and secure throughout the rest of the year. Learn more about Travelers homeowners insurance products, or if you’re ready to take the next step, get a quote from us!

Spring Risk Check: 5 Things Every Business Should Inspect

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As winter transitions to spring, conducting thorough spring risk checks becomes crucial for business owners. The end of winter presents an excellent opportunity to assess one’s property and operations for potential damage or safety hazards arising from snow accumulation, ice buildup, and freezing temperatures. This is particularly important following an extreme winter season, where the potential for damage increases significantly.

During this inspection, business owners should carefully examine the property for signs of structural damage, such as roof leaks or weakened infrastructure from the weight of snow and ice. It’s also vital to evaluate outdoor areas for potential hazards, such as icy walkways or unstable parking lots.

Additionally, reviewing operational equipment for any weather-related impairments—such as machinery exposed to freezing conditions—can help prevent malfunctions that could lead to costly repairs or downtime. Implementing a proactive seasonal inspection strategy not only helps in minimizing the risk of costly claims but also promotes a safer work environment for employees and customers alike. By addressing these issues promptly, business owners can ensure a smooth transition into the warmer months while protecting their investment and their workforce.

1. Roofs and Gutters
Look for missing shingles, leaks, or clogged gutters that could lead to water damage.

2. Parking Lots and Walkways
Repair cracks, potholes, or uneven surfaces to reduce slip-and-fall risks.

3. Exterior Lighting
Ensure parking areas, walkways, and entrances are well-lit and safe.

4. Equipment and Vehicles
Schedule maintenance for machinery and commercial vehicles affected by winter conditions.

5. Safety Procedures
Review workplace safety practices and confirm your insurance coverage still fits your operations.

Spring risk checks can go a long way in protecting your employees, customers, and business from preventable risks.

Retirement Planning For Young Adults

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By: Matthew Clayson, Financial Advisor at Commonwealth Financial Group

Retirement savings are not on most young adults’ list of top priorities.

In fact, according to one survey, only about 1 in 5 members of Generation Z (born after 1997) are saving for retirement. And that’s a missed opportunity for the other four.

That’s because the earlier you start on a retirement plan, the better off you are likely to be when it’s time to actually retire.

Despite your current expenses, it is not too early to consider retirement planning. And there are some steps you can take to start saving right away that don’t involve eating Ramen noodles every night.

Budget

With so many expenses stretching their budgets, many young people starting out may feel like they can’t afford to save for retirement. But a budget that prioritizes savings can help you take a closer look at your recurring and nonrecurring expenses each month to set aside a reasonable amount.

And the first step in prioritizing savings? Take a look at the retirement plans available to you.

Retirement plan types

401(k): Some retirement savings accounts offer good tax advantages and investment opportunities. In fact, many employers offer programs like 401(k)s that contribute to the plans on your behalf. This is a retirement plan that you can start investing in right away.

Contributing to a 401(k) account has three distinct advantages:

  • You will receive an immediate tax break because your contributions come out of your paycheck before taxes are withheld.
  • If your employer matches a portion of your contributions, you are essentially getting free money to invest. These plans commonly involve an employer matching between 50 percent to 100 percent of your contributions, up to a certain threshold.
  • You also have the opportunity for tax-deferred growth for most of these plans. This means that you will not be required to pay taxes each year on capital gains, dividends, or other yield distributions. However, when you withdraw your money from the account, you will typically owe income taxes on the amount withdrawn, and if withdrawals are made before you are aged 59 ½, a 10 percent additional tax may apply.

IRA: A traditional IRA is a tax-deferred retirement savings account. This means that you only pay taxes when you take the money out at retirement. The advantage here is that you do not need to pay taxes on any of the dividends, compound interest payments or capital gains you earned over the years until you withdraw your money. However, any amount you withdraw before age 59 ½ will typically subject you to income taxes and a 10 percent additional tax.

You may also have heard about Roth IRAs. The difference between the two is that traditional IRA contributions are state and federal income tax deductible for every year you contribute, but you pay income taxes when you withdraw at retirement age.

Roth IRAs are not tax-deductible, but like traditional IRAs any growth is not taxed. Unlike traditional IRAs, however, your withdrawals at retirement age are not taxed.

You can learn more about IRAs here or you may opt to consult a financial professional to learn more about the benefits of a Roth IRA versus a traditional IRA for your own situation.

Investment portfolio: In addition to retirement plans, you may want to invest for long-range goals like buying a house or other major asset. This would mean setting up your own portfolio holding investments based on stocks, bonds, or other types of assets.

Remember, different investment vehicles come with different expenses and charges as well as risks.

That is why you may want to look at investments like index funds and mutual funds or even annuities with low expense ratios across a wide range of asset classes for diversification.

Retirement savings: How much?

There is no cookie-cutter answer. It depends on your goals, lifestyle, cost of living and various other factors. But one way to help is to use this retirement calculator to get a better idea of what you are up against with your retirement savings.

  • 15 percent: One rule of thumb is to save 15 percent per year. According to a research paper from the Center for Retirement Research at Boston College, people who consistently saved 15 percent of their income per year were better positioned to meet their retirement planning goals.1 For instance, if you saved that amount on a $50,000 salary for 35 years, you may have somewhere around $1.5 million saved.
  • 8 times: Another rule is to save roughly 8 times your final salary. For instance, if your ending salary is $75,000, you may want to save around $600,000. This is an amount that may be within reach of your retirement savings plans.
  • 80 percent: A third common rule is to replace at least 80 percent of your pre-retirement income, which is the average income over roughly the last 10 years leading up to retirement. You may want to use this retirement savings calculator to estimate how much pre-retirement income you will need to put aside. Seventy percent is an estimate, but the point is that retirement can be expensive. So that number may be a good place to start in order to maintain your standard of living.

 

Regardless of which savings target you choose, the important point for younger workers is to get a program in place early.

Retirement and financial priorities

Retirement saving is difficult when so many other financial issues seem to have priority. Student loan debt, life circumstances, and family obligations are just some of the financial factors you may contend with. Saving, let alone investing, may not seem feasible as you try to make ends meet.

But not saving early for retirement may put you at risk of having to retire later than you want or under less-than-ideal circumstances. That may not seem unreasonable, but with potential factors like health problems, getting laid off, or various other issues beyond your control, you may be forced out of the workforce before you have enough saved to retire ― at least not as comfortably as you intended.

This is particularly important because, according to the CDC, the average life span in the U.S. is approaching 80 years. That may leave you with 15, 25, or even 30 years of retirement.

While retirement is still decades away for younger workers and adults, it’s never too soon to consider it, especially if you plan on having children soon. It may also be time to consider other options that go along with retirement, like life insurance, long-term care insurance, annuities, or disability income insurance, to name a few.

So, while it is important to consider retirement, the suitability of saving varies from person to person. The tips mentioned above are just some ways to start saving. But that’s why some people opt to consult a financial professional to help assess their assets.

To be sure, this advice comes from an insurance provider. But it doesn’t change the general wisdom of considering the feasibility of saving for retirement in your 20s and 30s.

 

About the Author

Matthew Clayson is a Financial Advisor at Commonwealth Financial Group. He is a registered principal of, and offers investment advisory and financial planning services through, MML Investors Services, LLC, Member SIPC (www.sipc.org).

Using Free AI Tools Responsibly

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Protecting Your Personal Information

Artificial intelligence (AI) tools are becoming more common in everyday life. Many free AI platforms can help with simple tasks such as writing, organizing ideas, or answering general questions. While these tools can be helpful, it is important to understand how they should—and should not—be used, especially when personal information is involved.

Free AI tools are not designed to securely handle Personally Identifiable Information (PII). PII includes details such as Social Security numbers, dates of birth, driver’s license numbers, financial information, policy numbers, addresses, and other sensitive data that can identify an individual. Sharing this type of information on public or free AI platforms may put your privacy at risk.

As an insurance agency, safeguarding your personal and financial information is one of our highest priorities. We use secure, approved systems to manage your data and follow strict privacy and security standards. For this reason, we do not use free or public AI tools to process, store, or review client-specific or policy-related information.

AI can be useful when used appropriately, but it should never replace secure communication channels or trusted agency systems. Protecting your information requires thoughtful use of technology and an ongoing commitment to confidentiality.