Are You Saving For Retirement?

The start of a new year is a good time to look forward with a fresh outlook, as well as to set goals. As you think about what you want to accomplish next year, consider your financial savings habits. How much are you putting away for the future? Could you begin to save for retirement, or increase how much you're saving? What financial actions have you put off because of lack of time?
Setting financial savings goals can be overwhelming, which may be why many report having no retirement savings or plan whatsoever. Putting together a plan can make saving for the future much more manageable. Whether you haven't started saving or simply want to challenge yourself to save more, use the following tips to make 2016 the year you focus on preparing for retirement.
NO TIME LIKE THE PRESENT
If you aren't already saving, start now. You're never too young - or too old, for that matter - to begin saving for retirement. Whether you've just completed high school and are working your first job, or your career is nearly complete and retirement is in sight, determine how much you can save and which savings package is right for you. If your employer offers any company-sponsored retirement plan, take advantage of the opportunity to save automatically via payroll deduction. You'll be grateful for it later!
SEEK OPPORTUNITIES TO SAVE MORE
If you're already saving, that's a great start, but you can always save more! If you earn an annual bonus, a salary increase, or make any windfall gain, consider depositing it in a retirement savings account. Keep in mind that the more you save early on, the more time that principal amount has to grow interest.
MAKE A PLAN AND FOLLOW IT
Resolve to make a financial savings plan this year and review your progress regularly. As a starting point for your plan, consider meeting with a financial planner, or take advantage of free planning resources at any reputable personal finance website. There are also retirement savings calculators that estimate how much your savings may grow over the course of five, 10, or even 15 years or more based on the amount you contribute each month. By setting up regular, automatic savings from your bank account, this is a New Year's resolution you can make now and watch your savings grow throughout the year.
WATCH YOUR EXPENSES
In the end, every penny counts. Take stock of what your greatest expenses over the past year were, and where you can cut corners for the coming year. You can also keep a financial diary, by jotting down how much you spend every day or every week. Not only will this help you better keep track of finances, you are bound to spend less as well.
There are many options for saving for retirement and managing your finances. As you make your savings resolutions for 2016, do some research and determine which type of account or plan works best for you. With the New Year upon us, there is no better time to start or renew your savings habit!

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