Retirement Savings…When Should I Start?

Retirement savings. We all have to do it, and the sooner we think about it, the better. Hopefully, you already have a plan in place and maybe even an employer that contributes. If you haven’t started yet, then the sooner we actually start doing it, the better. This is not to say that you can’t start at any age. You can, and you should. Unfortunately relying on social security alone will likely not afford your lifestyle. There was a time when many families relied on pensions. That is becoming fewer and fewer. Here are some small guidelines to get you thinking about retirement savings and how and when you need to start.

Do Not Be Discouraged – Retirement Savings

Or overwhelmed for that matter. This is an easy thing to put off. There are so many personal and family expenses and the thought of tying up money for the long haul seems daunting and maybe even scary. What should be an exciting plan for your future often seems like a huge chore. Most things are lost in the execution. If you don’t have a plan set up through your employer, you can call someone today. Get a referral from a friend you trust or we would be happy to talk retirement with you any time!

Small Amounts Matter – Retirement Savings

Feel like you don’t have enough to give to retirement? Chances are you do. Even $20 a week or $50 a month is something. Just get started. Make it a goal to add $5 more per week every year. Many people don’t start until later – their 30’s or 40’s and although it isn’t ideal. It all still counts. Money is money, and it does add up!

Stay The Course – Retirement Savings

Life events (such as births, deaths, a job loss etc) can cause you to stop contributing. Do your best to be consistent. Stay on budget and if you have to stop, make a plan for when you will start again. Contributions and interest added up and compounded year after year will get you somewhere!

Know Your Goals – Retirement Savings

Don’t be afraid to stick to your plan. How aggressive your savings are will likely depend on your age, as well as your income and circumstances. When saving is tough, keep your end goal in mind. A great and sustainable lifestyle in retirement. Whatever that means for you. That may mean less happy hour, less Starbucks, simpler vacations and some overtime now. The pay off will be worth it!