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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  • First saving strategy: Pay off high-cost debt http://ow.ly/sj3vP

Saver Stories View all »

Starting and Continuing a Personal Finance Journey

When Kiara Hardin, now a junior at Western Illinois University, became an intern with the Chicago Summer Business Institute during her sophomore year of high school, she began her personal finance journey. The program required participants to open a savings account.

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Saving Early: Key to Successful Future

For Johnnie Lovett, a Young Illinois Saver, saving has been a habit since he was a teenager. “As a teenager, I was responsible for buying certain things with my allowance,”

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Coping with a Lost Job

Aimee Shaffer worked as a Public Service News Director for radio for years until one day her employer downsized the company, resulting in hundreds of lost jobs, including Aimee’s.

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