November is a great time to think about retirement planning: How much you are saving, if you need to make any changes and what goals are you meeting (or falling short of).
Reflecting on retirement planning periodically is always a good idea, especially if you are in the time of your life when saving more now can pay big benefits later (i.e., your 20s or 30s).
Here are four things to consider this November about retirement planning.
Do I have access to a retirement plan through work?
If you don’t know, or you aren’t sure what your employer offers, now is the time to look into what your employer offers in the way of retirement savings plans. The fact is, employer-based plans are the easiest way to start saving for retirement and you should be contributing the maximum amount allowed annually. If you can’t do that, obviously save what you can but make sure you are saving enough to get the maximum amount of employer matching funds.
If I don’t have an employer plan, what are my options?
If you don’t work for a company that provides retirement planning options, you still have several paths available. You can open an IRA or savings account and you can also download software or an app that will show you how to budget and save for the future.
Setting a budget now can help you plan how much you need to retire so you can set short- and long-term savings goals.
Is it too late to start?
It is never too late to start saving and in fact, if you are getting closer to retirement age (workers 55 and older, listen up!) you can make extra contributions to either your IRA or an employer-based plan.
The key is this: Save what you can and know your expenses so you can cut unnecessary items and SAVE MORE.
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