By Ann Sullivan
Some people spend their lives working and struggling to make ends meet. They may have worked multiple jobs over their lifetime and lived paycheck to paycheck. Others may have been in one career at a company that doesn’t offer a retirement fund. Whatever the case, many people struggle to save for retirement. It seems that everything, but our paycheck, goes up most years. If you’re age 50 or older, now is the time to start saving, if you haven’t already. A leading study reported on CNBC suggests at least 11%, but preferably 20%, of your income should be put away for retirement. If you haven’t already begun saving, here are 9 things you can do to start saving for your retirement right now.
1) Set Up an Automatic Contribution Fund
Here’s a way to start saving where you can set it and forget it. If you have a portion of your paycheck automatically sent to a retirement account, you won’t have to figure out how much to set aside each pay period. You don’t have to start out big. Begin with around 10% and gradually increase it over time. This way to can adjust your living expenses as you go, and know that your money will be accumulating, with interest, in an account such as a 401K or IRA. Experts advise that you will virtually be guaranteed to accumulate a significant savings over time. Chances are, once you adjust to a slight decrease in take-home pay, you won’t even notice the lesser amount of money. Plus, you can rest assured, knowing you are making proper preparations for a nest egg you can enjoy when the time comes to retire.
Click below to share this article.