2 months Ago
RETIREMENT DREAM Business
STARTING YOUR OWN BUSINESS
Boost your retirement savings at any age. Whether you just started working or you’re nearly done, you can still potentially grow your nest egg.
- It’s never too early or too late to start saving for retirement
- If you are just starting out, focus on saving as much as you can now
- If you are nearing retirement, consider increasing contributions to your savings or delaying Social Security.
When planning for retirement, the truth is that the earlier you start saving and investing, the better off you’ll be, thanks to the power of compound interest. And even if you began saving late or have yet to begin, it’s important to know that you are not alone, and there are steps you can take to increase your retirement savings. It’s never too late to get started.
Boost your savings no matter what your current stage of life and pursue the retirement you envision. Try these ideas:
1. Focus on starting today
Especially if you’re just beginning to put money away for retirement,
start saving and investing as much as you can now, and let compound interest, the ability of your assets to generate earnings, which are reinvested to generate their own earnings have an opportunity to work in your favor. The more you can invest when you’re young, the better off you’ll be for the future.
2. Set a goal
Knowing how much you’ll need not only makes the process of saving and investing easier but also can make it more rewarding. Set benchmarks along the way, and gain satisfaction as you pursue your retirement goal.
3. Stash extra funds
Extra money? Don’t just spend it. Every time you receive a raise, increase your contribution percentage. Dedicate at least half of the new money to your retirement plan. And while it may be tempting to take that tax refund or salary bonus and splurge on a new designer purse or a vacation, don’t treat those extra funds as found money, treat yourself to something small and use the rest to help make big leaps toward your retirement goal.