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save for retirement

How to Save for Retirement

Pay Yourself First | 401K | IRA | Roth IRA

save for retirementThe trick to saving consistently is to pay yourself first. The best way to do that is by having money deducted from each paycheck and put into a 401K account or an IRA account.

Employer Contributions

401K accounts are set up by employers and allow employees to save money out of their pay check and invest the money as the 401 allows. In many cases the employer will match the employees savings which is like getting free money. Employers may match anywhere from 0-6% of an employee contribution and that contribution is tax free. All money put into a 401K account is tax free until it is taken out during retirement.

Self Employed

 

If you are self employed or your employer does not offer a 401K plan, you may set up an IRA account at your local bank or stock broker. An IRA works the same way as a 401K but is an individual plan rather than a company sponsored plan.

Investing Wisely

Companies like TD Ameritrade can help you set up an IRA account as either a standard IRA or a Roth IRA. With the Roth IRA you pay taxes on the money you save, but you can take it out tax free when you retire.

Dec 4, 2018
A Late Credit Card Payment May Cost You More in 2019
Claire Tsosie
In 2019, $28 might be enough to cover a fancy steak dinner, a haircut, a pile of lottery tickets — or, if you’re not careful, a first-time late fee on your credit card bill.

Starting Jan. 1, 2019, the Consumer Financial Protection Bureau will nudge up the permissible maximums for credit card late fees by $1, potentially making these already steep fees even harder to stomach. Under the new limits, late fees will be capped at:

$28 for the first time you’re late. Previously, these were capped at $27.
$39 for subsequent violations. Previously, these were capped at $38. More info...

Dec 3, 2018
Key To Locking in Retirement Income
Keep it simple
Guaranteed income for life, and the peace of mind that comes with it, is within reach. Here's how.
Most retirement plans blend hard work and diligent saving with a lot of what-ifs. What if the stock market doesn’t cooperate? What if we encounter massive unexpected expenses? What if all our calculations are wrong and our savings run dry mid retirement? More info...

Dec 3, 2018
Avoid Overpaying by Reviewing Your Auto Loan Agreement
Be loan smart
The devil is in the details. A cliche, yes, but true — and potentially costly — when it comes to your auto loan agreement.

Car loans at dealerships are marked up over $1,700, on average, according to auto loan company Outside Financial’s 2018 Markup Index. Overcharges come from marked-up interest rates and extra products inserted into the loan contract, says Jon Friedland, the company’s co-founder. More info...

Dec 3, 2018
Plan Your Future Now
Here's how to do it
The best way to prepare for your financial future is to have a budget that you can follow and adjust as you work through each month. There are many doable ways to put together a budget, but all entail gathering the best information you can from your past financial records. More info...

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