Retirement planning can be exciting, but it can also be overwhelming. Here are three tips to help you set off in the right direction.
1. It's never too late to start saving for retirement.
Getting an early start on your retirement savings is the ideal course of action, but it's not the only way to reach your goals.
Like many things, the most crucial part of getting where you want to be is getting started. Whether you're 25 or 65, you can start contributing to your retirement today. Yes, your investments will look different at 57 than at 27—but a 57-year-old with a solid plan is well on their way to building a more substantial retirement fund than someone under similar circumstances who thought it was just too late to start saving.
2. Participate in your company's 401(k)/403(b) match program.
When you save for retirement with a 401(k)/403(b), you automatically pay yourself first while setting aside money for your future.
Even if you cannot deposit up to the amount your employer will match, 1% of each paycheck adds up fast! Ask your employer if they offer a company match program.
3. Connect with an advisor.
When you want to get in shape, you go to a trainer; when you aren't feeling your best, you schedule an appointment with your doctor. The same goes for when you want to achieve your financial goals: it's time to visit a financial advisor—someone who can help you navigate the market and help you create a solid retirement plan.
Working with an advisor can help you create a plan to build wealth and adjust course as needed throughout your journey toward retirement.