Plan & Save for Retirement Now
Saving for retirement is something that should be started early to ensure the funds will be available when you either want to retire, or need to. Try our calculator to help you figure out where to start saving today.
The U.S. Department of Labor website has what they consider the top ten ways to save for when it is time to retire:
1. Start saving, continue saving, set goals– setting realistic goals is a great way to keep you motivated to save and keep you on track for an on-time retirement.
2. Know what you need– keeping track of expenses and having a full understanding of what you will truly require upon your retirement will ensure you plan to save enough to cover all costs.
3. Contribute to employer’s retirement plan– many companies match a portion of retirement savings which could put you in a much better position down the road.
4. Learn about employer’s pension plan– ask your employer if they offer a pension plan and learn how it works and how it could benefit you.
5. Learn & consider basic investment principles– the types of investments you make (low risk, high risk, etc.) could change the amount of money you have when you retire.
6. Leave your retirement savings alone– don’t even touch it for your child’s college. Not only will you lose the money you take out, you could also face withdrawal penalties, may lose tax benefits, and you will certainly lose that principal and any interest you would have made on that money.
7. Ask your employer to start a retirement plan– if your employer doesn’t already have one. It never hurts to ask!
8. Consider an Individual Retirement Account (IRA)– IRAs provide tax advantages and you can put up to $5,500 per year (more if you are older) into your IRA to save for retirement.
9. Explore your Social Security benefits– you may be able to get a decent estimate of what you Social Security benefit may be by using the Retirement Estimator on the Social Security Administration’s website.
10. Always ask Questions– always make sure you understand how your investments can work for you, what you are contributing to, etc. It never hurts to ask questions. You are in control of your retirement, make sure you have all the information you need to make educated decisions.