April Money Challenge: Take One Step to Save on Retirement
So far, all the money problems this year have been about saving them. Saving money is great, but personal finance matters so much more, and one of the biggest areas people neglect is retirement. This month we urge you to finally start saving money for it.
Thanks to compound interest , the sooner you start saving for the future, the better. This month’s challenge is for all of you who wanted to reach retirement, but you didn’t. In April, we urge you to take one small, practical step towards finally creating your retirement fund.
This could mean:
- Employer 401 (k) subscription
- Finally, opening an individual retirement account
- Set up automatic savings to a high yielding savings account, even if it’s a small amount
- Fundraising for a retirement account
- Sign up for a robo consultant (great if you don’t have a ton of money to invest)
- Using tax refunds to fund your account
It might even mean just taking the time to speak to a certified financial planner who will walk you through the entire process if you find it overwhelming. Don’t feel like you need to become a professional retirement fundraiser with this task: the idea is to just get started.
If retirement was not on your radar, we don’t want to leave you on the sidelines. If you are in debt , it does not necessarily mean that you should neglect your pension . Make sure you take advantage of your employer’s 401 (k) match, if you have one. We’ve also written a guide on how to save for retirement and prioritize debt goals. If you haven’t been putting off for an emergency, that should be your first priority, whether you’re in debt or not.
If you are a professional at saving money for retirement, you can use this month to optimize your savings. For instance:
- Rebalance your portfolio
- Take a look at your 401 (k) fees
- Make sure you walk the path to your savings
Are you on board? If so, let us know what step you plan to take this month to accelerate the growth of your savings. This is not an easy task, but we will check it again at the end of the month to see who made it possible.