There's no question that your paycheck is in high demand these days. Between mortgage payments or rent, bills, and general living expenses, your income has to go a long way. For many, it's difficult to justify setting aside money for the future when there are so many concerns competing for every dollar today.
So how is it possible to stretch your paycheck far enough to include retirement savings? Here are three steps you can take in the right direction, right now:
Everything you do in life starts with taking the first step toward a goal—no matter how humble that step may be. While financial experts agree that you should save at least 15% of your pay each year to retire comfortably, often that amount seems out of reach. If your budget won't allow it now, work your way there with steady increases. The earlier in your career you begin to save, the sooner it becomes a natural part of budgeting your paycheck.
Instead of focusing on how you can come up with large chunks of money to set aside, think more modestly. Identify where in your day-to-day life you can cut back spending and increase your plan contribution. Small sacrifices, such as skipping the upscale coffee shop in favor of brewing your own or taking your lunch to work, can go a long way toward your savings over time.
Your retirement is in your control, and we want to help you succeed.
There are many resources available right here—including helpful
videos, how-to articles, and tools.
Create a saving strategy.
Find out how saving more might affect your paycheck
Learn how small increases now can make a big difference later
Discover how long your current savings will last
#SaveOrSpend -via @FinancialLit(91)
Take action now!
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- Increase your contributions
- Activate the Automatic
Increase service, if available
- Make the most of any
company match benefit
- Establish an individual
retirement account (IRA)
- Save for college with a 529
- Roll over your 401(k)
from a previous employer