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Planning For Retirement

Time is on your side: the more years until retirement, the more the power of compounding can work for you.
What’s compounding? It’s the potential to earn “interest on the interest” in your retirement plan account.
A good rule of thumb is to put aside 10% of your income each year for retirement saving at this stage in your life. If you can’t afford that, save as much as you can. What’s important is that you start saving something.
If your employer offers matching contributions, try to contribute at least enough to receive the full employer match.
Ask a financial professional for help in understanding the various investment options available in your employer’s retirement savings plan, and for help in making investment selections for your contributions. Also ask whether, at this stage of your life, it might be advantageous to put some of your retirement savings into a Roth account so you can enjoy potential tax-free distributions in the future.

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