Contribute 1% More Annually to Boost Your Retirement Savings
If your career started relatively early, planning for retirement may not seem like a big deal. At the end of the day, you have to pay the bills. If you’re having trouble getting started, work towards contributing only 1% more annually.
Waiting later in your life to save money is one of the biggest money mistakes you can make . While it seems like you can’t afford it right now, you’ll be in worse shape if you don’t start somewhere.
Good Financial Cents provides some financial advice for millennials. Starting this year, try to save another 1% on retirement. Increase this contribution by 1% every year – so, your first year will be 1%, the second year – 2%, and so on. If your employer has a 401 (k) with related contributions, this is a great place to start. If not, check the IRA .
If you stick to this strategy, you will ultimately maximize your retirement opportunities. By then, saving will become a habit for you. You will also love early investment and compound interest . Follow the link for more finance tips.
29 Practical Financial Tips Millennials Should Take Right Now | Good financial cents