Saving for Retirement

It Is Never To Late or Early To Start Saving

Of course the earlier you start to save the better, but it is also never to late. Saving any amount is better than saving nothing.

Start thinking now about what age you would like to retire. I remember when retirement age was in your late 50's now it is in your 60's. I was looking forward to retiring when I was in my 50's but when they increased the retirement age, I knew I had to make a decision to make, either continue working for someone else till into my late 60's or start saving more to be able to retire earlier in my 50's.

What about you? What you would like to do in your retirement? Do you want to start your own business to perhaps supplement your retirement, travel, start a new hobby or work on the one you already have but haven't had time to do. How about that life of leisure we've all dreamed about.

Do you have social security taken out of your paycheck? Do you feel that it will be enough to support you when you retire. I think most of us just assume that it will take care of us when we retire. But the truth be known unless you plan on really reducing your current way of living your social security only will not be enough to live on.

This is where saving for your retirement will help.

There are many different types of retirement savings accounts, we will only go over a few.

• 401 - Defined Retirement Plans
• 457 - Deferred Retirement Plans
• Roth Ira

Perhaps your employer offers a different type of retirement plan, like PERS, FERS or any number of others.

We won't go into them on this site, for now. But do talk to your Human Resource person about them and see what is available to you, how much you can contribute to them and what the rule & requirements are. Think seriously about contributing to them especially if your employer matches what you put in.

Don't let the market keep you from starting a retirement plan or two. If you are worried about how the market is doing, then have your money put into a savings type fund.

Remember you are saving two ways;

• By cutting your taxes in your paycheck
• And by saving for your retirement