Retirement Planning Tips
By Barbara Jolie
It’s never too soon to start making plans for your future.
1. Set a date you want to retire: When would you like to retire? When you’re 65? 60? 70? Picking a date is the first step in planning because it sets a goal and will let you figure out what it will take to reach it.
2. Start saving immediately: Waiting just a few years to begin storing away money in a retirement fund will lower your eventual savings by tens of thousands of dollars or much more. Jump on the opportunity today.
3. Set up automatic investments: Have part of your paycheck automatically transferred to your savings account to make sure it gets done.
4. Find out how your employer can help: Many employers that offer 401(k) plans will match your contributions (up to a certain amount) every year. Ask how much your company will chip in.
5. Start a Roth IRA: A big benefit of a Roth IRA is that contributions you make are taxed, meaning you don’t have to pay taxes when the money is withdrawn in the future. Talk with a financial advisor for more information. These are great tools.
6. Adjust as necessary: As you save more and grow, you’ll be able to revise your savings plan based on changes in income and other situations.
Article Source: http://www.onlineclasses.org/2010/06/23/50-important-financial-tips-for-young-adults/
I totally agree with what the author said that it is never too late to start saving and making plans for your future. Whether you're 20, or 30, or 40, or 50 years old it is never too late. The most important thing is you should start today. Because one of the most difficult things to do is how to start. We should have a mindset that conquers this mentality.
via reuters
No comments:
Post a Comment