7 Steps to Save for Retirement
Although you know how important saving for retirement is, your current financial obligations might make it seem hard to do. You've got rent or a mortgage to pay, a family to take care of, and debt to pay off. And because retirement might be decades away, you might be tempted to put off saving for a nest egg.
After all, you have other financial obligations that make saving hard like rent or mortgage, debts, and family.
But delaying saving for your golden years could cost you. The earlier you start making contributions for your retirement, the more time that money will have to grow.
Regardless of your financial situation, age or where you're at in life, these seven steps will help you make slow, steady progress toward this very important goal.
- Sign up for an employer-sponsored retirement plan: 401(k) or 403(b).
- If you're self-employed, open a SIMPLE IRA.
- Take advantage of a company match by contributing the maximum amount your employer will match. Otherwise, that's money you're leaving on the table.
- Pay yourself first. Opt for automatic contributions to an employer sponsored plan.
- Save 15% of your pre-tax income.
- Received a raise? Bump up your retirement contributions by 1%.
- Maxed out contributions to your employer-sponsored plan? Open an IRA.
Contact a Synovus financial advisor to get started.