Retirement looks different for everyone. Whether you want to travel the world or spend your golden years on the golf course, you need a financial plan to keep you afloat when you stop working.
Four simple retirement strategies that work for anyone
Check out these four strategies that can help everyone retire well, no matter your age:
It pays to start early. The longer your investments can generate earnings, the more money you’ll have at retirement. Bottom line? If you haven’t started putting money away yet, don’t wait any longer!
Open an IRA
With an IRA, you can likely access your investment money after age 59½ without incurring a tax penalty (as long as you’ve held the account for at least five years).
Match your employer
If your employer offers to match your 401(k) contribution (up to a point) and you decline, you’re walking away from free money. Take advantage of the match perk. And don’t forget if you also have a pension, your earning free money too! It’s one of the easiest ways to earn for retirement.
Catch up if you’re 50 or older
If you started putting money away for retirement late, or haven’t contributed as much as you would’ve liked, you can play catch up. Starting at 50, you’re able to invest more money in your 401(k) or IRA. If possible, invest up to the maximum allowed.
*Content provided by our partner in financial education, BALANCE