Save for Retirement

Retirement savings is a top priority for many Savers. Saving now for retirement will ensure that you have enough money to live a comfortable standard of living when you stop or reduce the amount of hours you work.

You may be able to save for retirement at your workplace through a 401k plan. These accounts have many benefits including direct deposit from your paycheck, which automates the savings process and may include matching funds. Unfortunately, many do not have access to an employer-sponsored retirement plan, such as a 401(k) plan. Even if your employer doesn’t offer a retirement plan, you can still save for retirement, by putting money in an Individual Retirement Account (IRA).

Keep in mind that slow and steady wins this race. Even modest monthly contributions to a retirement account for 30 to 40 years can, in part because of the miracle of compound interest, easily lead to an accumulation of several hundred thousand dollars.

The following pages will help you determine which retirement plans work for you and how to best take advantage of them.

 

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Tip of the Day

  • Written by Katie Bryan | December 14, 2013

    Set a goal, make a plan, #save automatically - pledge to #save today! http://ow.ly/ksLWb

Saver Stories View all »

Jump-Starting a Financial Makeover

Written by Katie Bryan | October 28, 2013

Nichelle Johnson, a single mom with two teenage children, knows what it’s like to stretch a dollar. When she moved back to Virginia Beach in 2008, she provided for her family with just a part-time library position.

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Developing a Savings "Game Plan"

Written by Katie Bryan | October 28, 2013

Eunice Diaz, a teacher in Colorado Springs, had been noticing a pattern. Despite the fact that she and her husband were “making good money,” they were spending their entire earnings and “were still struggling at the end of the month.”

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Getting Out of Debt

Written by Katie Bryan | October 28, 2013

In 2004, Tonya Shelton was facing financial ruin. Barely making more than minimum wage and having lost her home to an unexpected family crisis, Shelton and her family were forced to live in a rundown hotel.

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