The IRS has raised contribution limits for various retirement accounts...

The IRS has raised contribution limits for various retirement accounts for 2019. Credit: Alamy Stock Photo / Le Moal Olivier

October is all about Halloween. It’s not only things that go boo in the night; finances can be scary, too.

What’s spooking people? Retirement. In a survey of more than 2,500 people, 22 percent (the top response) said they feared never being able to retire.  “Many of our clients worry they won’t have enough money in retirement,” says Brian Cohen, a registered investment adviser with Landmark Wealth Management in Melville.

Get perspective: A simple rule of thumb to is to save a minimum of 10 percent of your salary in a retirement account. Generally, the easiest way is through a work-place retirement plan.

James Comblo, chief compliance officer of FSC Wealth Advisors in Wappingers Falls, says his firm’s strategy to take some of the stress out of retirement planning is to rely on a bucket strategy. “Separate money into different buckets  -- Now, Soon, & Later.”

Prepare: To reduce the anxiety and uncertainty about your future, educate yourself. “Find books, podcasts and people to help you figure out the steps you need to take and how to create a plan for your future,” says Nahum Daniels, author of Retirement Reset.

Educate yourself on your 401(k) plan. “Even if you’re in your 20s, it’s important to know why you’re saving. Discussing the dynamics of retirement will keep you motivated to set aside money for your future,” says Nahum.

The best way to combat the inability to retire is to start contributing to a retirement account now. “Compounding interest is the most powerful asset we have to secure money for our retirement. Put in as much as you can,” says Dustyn Ferguson, a blogger for

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