Tips to survive the economic storm

Saving for Retirement

Retirement and Savings – One Minute Tip

The following money minute is brought to you by Consumer Credit Counseling Service of Greater Atlanta. Have you ever noticed how some people just seem to have all of the financial resources to retire comfortably? What sets those people apart from you may be directly tied to your savings habits. Chances are if you do not incorporate savings as a regular part of your budget, you may have to postpone your retirement date because you will lack the finances to afford your lifestyle. If you are planning for your retirement at a specific age, you will need to develop regular savings habits. By having consistent savings for retirement, you will be able to take control of your retirement needs with confidence.

If you are considering saving for retirement, here are a few steps you can follow:

First , decide what age you would like to retire and establish the amount you will need to meet your monthly expenses during retirement.

Second , select appropriate retirement vehicles such as a 401K, Roth IRA or Mutual Funds. Whatever your choice, be sure you make regular contributions on a weekly, bi-weekly, semi-monthly or monthly basis.

Third , invest in savings instruments that will pay you as high an interest as possible. This will ensure your savings will continue to grow over time.

For more information about creating a retirement and savings plan, take the course:

“Retirement and Savings”