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.

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 23, 2013

    Tip to Save During the Holidays: Decide how much you can spend. http://ow.ly/pX9nu via @Bankrate

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Saver Tips and Stories View all »

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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Saving With My Boys

Written by | September 2, 2019

When Kelly was a kid, she loved the picture book A Chair for My Mother by Vera B. Williams. In the story, a little girl lives in an apartment with her mother and grandmother. The little girl’s mother is a waitress and sole provider for their family. Together the family saves money by putting their change in a giant jar every day. They are saving for a big cushy chair for the little girl’s hard-working mother. Together with patience and diligence, they buy the mother a very comfy chair.

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Taking Steps Toward Financial Fitness

Written by Tammy G. Bruzon | November 7, 2014

Nicky Vasquez learned about Virginia Saves when she attended her first class with Bank On Virginia Beach. The instructor shared how important it was to have a written savings goal, and the entire class joined Virginia Saves as the first step toward financial fitness.

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