Although retirement is likely decades away, saving sooner may be the best way to help you achieve your goals. These guidelines are one way to help you lay groundwork for your retirement savings. Starting early can lead to healthy money saving habits that your future self may thank you for.
- You won’t have to contribute as much over time.
The sooner you begin to save, the longer your money has time to grow. Consider Taking advantage of the miracles of compound interest by saving a little in your 20’s versus trying to catch up in your 40’s and 50’s.
- Consider maximizing your employer match.
Some companies offer to match retirement contributions made by employees, up to a certain percent. Consider taking advantage of these 401k plans and contribute enough to meet the employers’ match. (see other tips on Strategies to Maximize your 401k)
- Get in the habit of saving.
If you make saving retirement savings a habit from the second you receive your first paycheck, it’s likely to be a habit that stays with you throughout your career. Even if you save only a minimal amount of each paycheck, you can be laying the groundwork for a comfortable retirement.
While these three tips are a great start to planning for retirement, we always recommend you meet with an advisor to build your own custom Strategic Plan. It is never too early. The sooner you begin saving, the more time your money has to grow.
Ready to start saving for retirement? Contact us and we will help build you a Strategic Plan to help you meet your retirement goals.