How I do it series · Retirement

How I: save for retirement

  1. Prioritize it!
    • No excuses. No procrastinating. Just do it. Sign up for that 401k ASAP.
      20170104_185859
      Why? Because this is where I want to live when I’m 65+

       

  2. Max that 401k.
    • At the very least contribute at least as much to receive your company’s match. No company match? Contribute anyway! (see #1) 2017 max contribution limit is $18,000. If that’s too steep, start at 1% and work your way up by 1% every 6 months.
  3. Max that IRA.
    • Once the tax deferred contributions have been maxed out, the next frontier is the IRA. Annual contribution limits for those under age 55 is $5500. There are two types of IRAs to choose from: Roth or Traditional. The difference? Whether you pay taxes now or at retirement.
  4. Automate it!
    • Set and forget. Making it as easy as possible will set you up for success.

And that’s how I do it. 

More questions? Ask here: letstalk8120@gmail.com

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s