Saving for retirement

Saving for retirement should be on your radar no matter at what age you start. It’s a matter of taking the first step. Here are seven tips to get you started, information gathered from multiple sources.

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1.????It’s never too late to start

At the beginning save as much as you can to build up compound interest over time. Put your money to work by letting your assets generate earnings.

Start early if possible. This is a comparison of a 25-year-old vs a 35-year-old and what they can potentially save by age 65.

Investing in securities involves risks, and there is always the potential of losing money?when?you?invest?in?securities.

Source: ChartSource?, DST Systems, Inc. This example is hypothetical and does not represent the performance of a particular investment. Your results will vary. Actual investing includes fees and other expenses that may result in lower returns than this hypothetical example. ? 2019, DST Systems, Inc. All rights reserved. Not responsible for any errors or omissions.

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2.????Contribute to your 401(k) account

Any small contribution can help, and it won’t be as noticeable since it’s taken on a pretax basis.

3. Meet your employer's match

Don’t leave money on the table. If your employer has a decent match, it’s like giving yourself a small raise.

4. Open an IRA

Consider establishing an individual retirement account (IRA) to help build your nest egg.

5. Take advantage of catch-up contributions

It is paramount to start saving when you can. Yearly contributions to IRAs and 401(k) plans are limited. Start saving early.

6. Automate your savings

Make your retirement contributions automatic each month and you'll have the opportunity to potentially grow your nest egg.

7. Rein in spending

Examine your budget, find ways to save money. Don’t eat out as often and take lunch to work. Carpool if you can.

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