7 Ways to Save for Retirement in Your 20’s
Retirement is a long-term goal for many and saving earlier in your career can prove to be beneficial down the road. Consider these retirement savings tips when planning for your retirement and remember, your credit union is here for you in all stages of your financial journey.
Start saving early. Review your monthly budget and find room to start contributing to a retirement fund. Saving earlier will benefit you in the future—as compound interest will help boost your nest egg!
Meet your employer’s 401(K) match. Talk with your HR/Benefits department to determine any match to retirement funds you put away. Most companies match a percentage to help build their employees’ retirement savings funds.
Make healthy lifestyle choices. Eating well, exercising, and generally taking care of yourself can pay off throughout your life. Lifestyle choices made now can promote good financial health for the future by keeping medical costs lower now and in retirement.
Learn about different types of investments. Different forms of investments can benefit your retirement savings differently. From 401(K)’s to Roth IRA’s, each retirement savings plan has unique advantages.
Automate your savings. When you set up a retirement plan with your employer, talk about direct withdrawal from your paycheck to be deposited into your retirement selections. Make sure to diversify your funds between the best offered selections for your retirement plan, such as stocks, bonds, and cash investments, based on your long term goals.
Boost your savings regularly. Consider reviewing your retirement plan every year and slowly increase the amount you save until you hit a goal target rate.
Learn about Financial Planning:
In today’s complex financial environment, let American Eagle Credit Union prepare you with a sound financial plan. Financial planning services are made available for everyone—no matter your age or financial status. Some of the services include:
Comprehensive Financial Planning
Want to learn more about retirement savings?
Visit the Financial Resource Center or contact the credit union at (314) 771-7700 or (800) 325-9905 ext. 58670.