What you need to know about Retirement Planning

1. Start saving, make a plan, stick to the plan

The best time to start your retirement plan is now! Don’t wait any longer.

2. Plan out your retirement needs

Make sure you estimate what your expenses will be when you retire. Will you have any debt still that you’re paying off? Retirement is expensive, so make sure you have enough saved. Learn more from CNN Money Tips.

3. Verify and Contribute your employer’s savings plans

Check with your employer to see what savings plan programs they have available.  If they don’t have any available then hopefully you can get them started on one. To learn more details about what to expect from an employer-sponsored plan visit the investopedia link.

4. Put together an Individual Retirement Account

Starting an Individual Retirement Account will be your fast track to retirement. Make sure you ask plenty of questions along the way and open yourself to options.  To learn more about what an IRA is, visit this CNN Money Guide.

5. Leave the money alone

When you withdraw retirement from your savings account, you strip yourself of principal and interest.  So make sure to leave the money alone as much as possible.

 

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