With as fast as time flies, making plans for retirement is something that shouldn't be put off.
Even if we know we need to plan for retirement, we often fail to act, because we're simply not sure where to begin or how to invest.
Here are some simple steps you can take to start saving:
1. Be sure to know your company’s retirement plan. Do they offer a 401k? Find out if your employer matches employee contributions and to what percentage? Then make sure you contribute at least what your company will match. Anything less is turning down free money for your future.
2. Consider alternative retirement savings methods like an IRA account. Most financial institutions offer IRA accounts. Individual retirement accounts are specifically designed for retirement savings, and they are a great way to begin saving for your golden years.
3. Speak with a financial service representative about your desire to save for retirement. There are different types of IRAs, and each one has its own benefits. Work with that representative to create a plan that works for you.
3. Set up automatic transfers to contribute to your IRA account. Automatic transfers from your savings or checking accounts can make contributing to your IRA account easy.
4. Already have an IRA account? Now is the time to check the rate you're earning and compare it to rates offered elsewhere. Be sure you're getting the BEST IRA rate available! You're allowed to move an IRA from one institution to another, and a little bit of research can help you earn more on what you have already saved. Some institutions may even offer rebates for penalty fees you incur when switching your IRA over.
Sometimes people think IRAs require a lot of cash to get started or are only for the wealthy, but this is simply not the case. Some financial institutions have IRA savings accounts that can be started with as little as $100.
The time to plan for your retirement is now. Don’t wait until “tomorrow,” because time is not going to slow down. Even though it may seem far away, retirement is just around the corner!