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‘Start ASAP:’ Tips to Make Sure You’re Saving for Retirement – CBS Pittsburgh

PITTSBURGH (KDKA) – It’s the last thing most of us think about – but it should come first.

That’s what CBS News Senior Business Analyst Jill Schlesinger has to say about saving for retirement.

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It’s really hard to think about being under 45 but she says it should be on the list when you get your first paycheck.

“The easiest way to reach your retirement goals is to start as early as possible,” she says. “The maximum retirement fund you can afford.”

One of her biggest suggestions is when you’re paying off debt like student loans, credit cards, etc., set aside money for retirement.

“Put into your retirement plan with whatever your employer matches, or maybe you put in 5 or 6%, whatever you can do,” she explains.

If you can do that from a young age, you’ll find yourself accumulating retirement savings faster than you imagine, and if you’re past 40, it’s not too late.

“You really want to try to take advantage of everything that is available to you, what we know from lots and lots of research is that people who plan to retire through work tend to save for retirement. than those who don’t,” says Schlesinger.

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But what if your job doesn’t offer that option?

“It can be tough if you don’t have a retirement plan, but it’s easier than ever to invest for yourself,” she says. “You go to a big investor, you go to Vanguard or fidelity or Schwab, and you say every month take 100$200 300$ from my account and put it in that IRA account.”

She says try to keep your hands out of retirement, and some plans allow you to borrow this money back, but she says it’s a bad idea because withdrawing it early will have consequences. tax serious.

So, how much do you need for your retirement?

Some say 10 times your annual income, but according to Schlesinger, that’s an arbitrary answer.

Every person is different, she says, factors like how much money you spend in a year and when you plan to retire, so she says try to extend your retirement to retirement age. Social Security retirement.

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That is unless you’re saving a ton of money and can go sooner.

https://pittsburgh.cbslocal.com/2022/02/16/tips-on-how-to-save-for-retirement/ ‘Start ASAP:’ Tips to Make Sure You’re Saving for Retirement – CBS Pittsburgh

CarmaHassan

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