If you’re old enough to work, you’re old enough to start planning your retirement; the earlier the better, according to Matthew Dixon in Greenville, SC. Here are four ways you can start preparing your retirement funds and boosting them now.
Start Now
The best time to start retirement savings is now. The sooner you start, the longer it will have to grow before you need it. Even if you don’t feel like you can put much into it right now, anything you invest today has the opportunity to compound over time. Even small amounts added today can make a big difference in the long haul, according to Matthew Dixon in Greenville, SC. Put as much as you can in now, and gradually increase it as your finances improve.
Use Automation
Consistency is a big key to growing your nest egg. One way to ensure you’re contributing on a consistent basis is to automate the contributions. If you have the option, have money taken from your checks regularly. If that’s not an option, set up an automatic transfer with your financial institution.
Claim Company Match
If your company offers an employer match, sign up for at least the minimum needed to qualify for it. Matthew Dixon in Greenville, SC, says this is useful for growing a nest egg as your funds go in automatically and your employer adds funds to help it grow at a faster rate.
Use Catch-Up Funds
If you’re at least 50 years of age, you can contribute to a retirement account that is tax-advantaged. This means putting more money into an IRA or a 401(k) plan. This can make a huge difference as you approach retirement age. Use it to your advantage.
