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Take control
|
| Only
you can ensure that you'll have enough money saved
for your retirement. Your best bet for taking control
includes profit sharing and 401(k) plans. |
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Know what you'll need
|
| Experts estimate that
you'll need at least 70 percent of your pre-retirement
income to maintain the same standard of living once
you stop working. |
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Start now
|
| Time
is on your side. The sooner you start, the longer
your money has to grow. It's never too early to start
saving for a secure retirement. |
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Participate in plans
|
| Employer-sponsored plans
such as profit-sharing and 401(k) plans are convenient,
easy to use and are among the best retirement savings
deals out there. |
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Contribute to the max
|
| The
more money you put in a 401(k) plan, the more you'll
get out -- especially since many companies match part
or all of their employees' retirement contributions. |
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Invest pretax
|
| Saving pretax gives you
more money to invest. Because taxes take a large bite
out of each dollar you earn, you have to save more
after-tax dollars to get the same impact as pretax
saving. PLUS, saving pretax lowers your taxable income,
which means that you'll pay less to the IRS on April
15. |
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Pay yourself first
|
| Out
of sight, out of mind. You won't miss the money you're
saving if it's deposited straight into your 401(k)
plan or other retirement account. |
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Keep your hands off
|
| Don't touch your retirement
savings. You'll not only avoid tax penalties for using
the money early, you'll also give your investments
more time to grow. |
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Look long-term
|
| "Low-risk"
investments usually mean low returns and may put your
retirement finances in danger down the line. For successful
saving, choose investments that will beat inflation
over the long haul. |
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Be flexible
|
| As the years go by, life
changes. So should your retirement savings strategy.
Review it annually to ensure it still meets your needs
as retirement approaches. |
