Getting started on saving for retirement is important at any age. Of course, the younger you are when you start, the better off you’ll be, but there is never a bad time to start putting money away.
The importance of saving money is even being highlighted in what’s being called the “Roth IRA Movement,” started by financial planner and blogger Jeff Rose who provided some tips to begin investing.
Why the focus on encouraging people to save for retirement? According to a story from CNN earlier this year, a stunning 30% of people who responded to an Employee Benefit Research Institute survey, reported they have less than $1,000 in savings.
Of course Roth IRAs are just among many options available for people to begin investing – they are traditional IRAs, 401(k), and a variety of other options to get your saving started. Not every option available is right for every investor, so a professional financial advisor can help you choose the right plan depending on your circumstance.
They most important advice is to stop procrastinating and start saving! No matter your age or where you are in life, saving even a little bit now, can pay off with a more secure financial future.
How much do you need to save? That depends on your age, your income and when you want to retire. These are questions a professional financial advisor can help you with. In the meantime, however, there are retirement calculators to help you get an idea of where you stand.