Step 10 of 12 to Financial Wellness: Plan for Retirement
Whether you’re a high school student, a college graduate just stepping into the world of adulthood, or someone who’s been navigating adult life for years, it’s crucial to start thinking about retirement. The reality is, it’s never too early or too late to begin saving for your future. Taking action now can set you up for financial success down the road. Here’s how you can get started: Contribute to a 401K If your employer offers a 401(k) plan, take advantage of it! Contributing to a 401(k) is one of the most effective ways to save for retirement. Many employers provide matching contributions, which is essentially free money for your future! If you’re already contributing, consider increasing your contribution rate to maximize your savings potential. If a 401(k) isn’t available through your employer, look into opening an Individual Retirement Account (IRA) or other investment options through your credit union. Create an Emergency Savings Establishing an emergency savings accou