If you’ve been thinking about ways to save, but haven’t really started, now’s the time to do it because it’s America Saves Week! In conjunction with this nationwide event, we’ll be offering tips and insights on ways to save each day between now and Saturday, February 28.
The goal of America Saves Week is to encourage individuals and families to save money and build personal wealth as well as improve financial literacy.
No matter what your age, it’s always good to save for retirement. The goal is to have enough money set aside so you can live comfortably in your “golden years.” Here are some tips for creating a retirement nest egg:
- If your employer offers a retirement plan or program, take advantage of it, especially if they will match your contributions up to a certain percentage.
- If you don’t have access to a retirement plan at work, open a Traditional or Roth IRA. BankFive has both available. You can learn more at http://www.bankfive.com/home/personal-banking/ira.
- Even saving a small amount towards retirement can reap big rewards later in life. If money is tight, start out with 1 or 2 percent of your paycheck. You can always increase the amount later when your income increases.
- Start saving as soon as you can. The sooner you begin, the more time your money has to grow through compounding.
- If you switch jobs and you have money in a retirement plan at your former job, find out what’s the best way to handle those funds. Options include rolling it over into a retirement account at your new employer, leaving the money where it is or cashing out. Seek help from an investment advisor if necessary to ensure you’re making the right move.
Stay tuned for more ways to save every day this week. And check out www.americasaves.org for additional timely savings tips and advice!