Save for Retirement

Retirement savings is a top priority for many Savers. Saving now for retirement will ensure that you have enough money to enjoy 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 401(k) 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. Learn more about saving at work though 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). Learn more about saving outside of work through an IRA.

And now you can start saving with myRA, a new retirement savings account from the U.S. Department of the Treasury for people who don't have the opportunity to save through work. It's a simple and affordable way to save for retirement, even if you only have a small amount to save. Learn more about myRA.

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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  • Written by Tammy G. Bruzon | January 16, 2017

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Saver Stories View all »

Challenging Herself to Save

Written by Sara Cooper | April 15, 2014

It all started when Marchale Burton overheard Alabama cooperative extension colleague Isaac Chappelle, coordinator of Alabama Saves, explaining how saving just a little bit – even change – is all it takes to become a saver. “I thought about that,” Burton said, “and wanted to see if it would work.” So, she challenged herself to see how much change she could save.

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Taking Back Control Over Finances

Written by Virginia Saves | August 5, 2015

After becoming a Virginia Saver and getting help from BankOn classes and coaching, Nadine Bialo took back control over her financial affairs.

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Saving Early: Key to Successful Future

Written by Katie Bryan | October 28, 2013

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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