How Can I Save Money For Retirement?

  1. 10968 POINTS
    Tim Wilhoit
    Owner, Your Friend 4 Life, Brentwood TN
    The best way to start saving for retirement is to keep it simple. Self discipline is key to long term saving. Always strive to pay yourself first. Most people fail by paying bills and spending first, then try to save what is left at the end of the month. Most people have more month than money with this tactic. Take 10%-20% of your weekly pay and set it aside for retirement savings. You will be amazed at how fast it will multiple when you start the investing process. Good luck!
    Answered on June 10, 2014
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  2. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    You cannot save for retirement without shifting some of your current income into savings.  Many equate retirement planning with stock picking.  In reality it is all about asset shifting.  Participate in your employer sponsored retirement program, if available.  If there are any programs that match your contributions save the maximum amount that will be matched.  Then start a maximum contribution IRA if you are less than 40 years old.  If you are over 50 start a maximum contribution Roth IRA.  Denying yourself a little now is much better than having to deny yourself much when you retire.
    Answered on June 10, 2014
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  3. 21750 POINTS
    Jim Winkler
    CEO/Owner, Winkler Financial Group, Houston, Texas
    That is an excellent question! There are several really good ways to start your retirement planning, and I will tell you that the sooner you start, the easier it is. If your employer offers a retirement plan where they will match your contribution, or match a percentage, do it! They are giving you "free" money. If they offer an HSA ( Health savings Account), contribute to that also.By contributing regularly and often to these accounts, you will have a good start to having an affordable retirement. There are definitely other things that you could do, and it would require far more conversation and space than we have here. If you would like more information, feel free to contact me, ok? Thanks for asking!
    Answered on June 11, 2014
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