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Plan Well, Retire Well

Saving and investing your money
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Save for Retirement Week: Let's Do It!

It's National Save for Retirement Week! And, this is a great time to start saving for or increase your retirement savings. Saving even small amounts NOW will add up over time. Here are some excellent strategies to get started:

1) Pay yourself. Think of savings as a bill to be paid.

2) Use payroll deductions. Have your employer deposit your savings directly from your paycheck into a savings account. Making your savings automatic – where you don't have to decide week to week how much to save – means that it will happen and the savings will add up!

3) Participate in an employer-sponsored retirement plan. Some employers will match the amount you put into the savings plan. If your employer matches a dollar saved with a dollar match, that's a 100% return. You will not beat that return anywhere.

4) Save in a tax-deferred retirement plan. Self-employed people (and others) can save in tax-deferred plans like IRAs (Individual Retirement Accounts).

Is it hard to find the money to get started? One of these strategies may help:

1) Pay installments to yourself. Once you pay off an installment loan like a car loan (and if other loans aren't overdue), make "payments" to your savings account.

2) Have a "Nothing Week." Occasionally have a week when you don't spend any extra money -- don't go to the movies, don't go out to eat, don't go bowling. Save the money you would have spent.

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