Retirement planning can be exciting, but it can also be overwhelming. That doesn’t mean that it’s impossible, difficult, or unmanageable. Here are three tips to help you set off in the right direction.
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 important part of getting where you want to be is simply 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 they would have at 27. But a 57-year-old with a solid plan is well on their way to building a stronger retirement fund than someone under similar circumstances who thought it was just too late to start saving.
Participate in your company’s 401(k)/403(b) match program.
When you save for retirement with a 401(k)/403(b), you’re automatically paying yourself first while setting aside money for your future.
Even if you’re not able to 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.
Connect with an advisor.
We are all experts at something, but not everything.
If you wanted to learn the best exercises to get in shape, you would go to a trainer. If you weren’t feeling your best, you’d schedule an appointment with your doctor. If you want to achieve your financial goals, it’s time to go see someone who can help you navigate the market, and help you create a solid retirement plan.
Following FAIRWINDS 9 Money Milestones to Financial Freedom, once you’ve saved $1,000 for emergencies, paid off all debt except your mortgage, and have six months of expenses saved, it’s time to connect with a financial advisor.
Working with an advisor can help you create a plan to build wealth and adjust course as needed throughout your journey toward retirement.