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Plan Well, Retire Well

Saving and investing your money

America Saves: An Oldie but Goodie

Ask a financial planner how people can increase their savings and you're likely to hear the phrase "pay yourself first." This means setting aside money from each paycheck as soon as you earn it, rather than waiting to see what, if anything, is left at the end of the month. In other words, savings is a top priority in your budget like rent.

The best way to "pay yourself first" is to use some type of automatic deposit plan.

  • Sign up for your 401(k) or 403(b) plan at work so that money comes out of your paycheck automatically, before taxes.
  • Set up and IRA and have your employer automatically transfer money into it from each paycheck.
  • Start an automatic investment plan by having money transferred from your checking account into a mutual fund each month.
  • Simply set up a checking to savings transfer with your bank, and build up that savings account.

With any of these, the money is placed into savings before you even miss it.

For additional motivation, become an American Saver. Join America Saves at:

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