Saving for retirement is something that a lot of people seem to put off. Life is busy; we are all living and trying to keep up with the demands on our time. However, winning the financial game of life is becoming more important than it ever has been. People are living much longer after they retire and good planning and taking action are the only things that will get you to a comfortable retirement. Since I have a true passion for finance and retirement saving I thought I would share with you some of my favorite methods for success.
- Start right now, not today, not tomorrow…NOW. You can’t tell time to slow down a bit and give you a chance to play catch up. Getting started in the hardest part, First step; make a true commitment to start saving now.
- Your employer’s 401K or work sponsored plan. What I love about them is that every time you get paid, your employer matches some of your funds and adds that to your retirement holdings. This is true in almost every plan but check your plan details to be sure. It is free money that you can be adding to your future, ask your 401K plan admin if you are not already enrolled, it is an easy process.
- Get a great financial planner and work with them. Do your homework here as this person will be helping you steer your future. You want a Certified Financial Planner and be sure to look into how they are paid, do they only get paid if they move your money?
- Automate it! I love everything to do with automating my finances, my payroll, my 401K, open market investments, bills, anything that you can automate I would recommend doing. You never see the money you are investing, when you get paid it is already posted to your investments and what you have left over it what you live on.
- Direct deposit: I have written whole articles on this topic, that is how strongly I feel about it. When you have your check in hand, most of us have a tendency to deposit some and cash some. How much of that cash do you have left over in your pocket the next time you get paid. Take out the human behavior aspect and pay yourself FIRST.
Once you get used to building up a next egg it actually becomes fun, you see your future growing and that is powerful.
Information provided by Jordan Hensley, People’s Credit Union, 310 First St., Webster City. For more information, call People’s Credit Union at 515-832-6346