While it is never too early or too late to prepare for retirement, today is always the right day to take action.
“Saving for retirement can seem overwhelming, but don’t wait to get started,” says Jamie Ohl, president of Retirement Plan Services at Lincoln Financial Group. “The sooner you start making contributions to a retirement account, the more opportunity you have to grow your savings.”
Use these tips to get started:
Meet the match: According to a recent Lincoln Financial study, sixty-eight percent of Americans say trying to understand their retirement plan options can be an overwhelming process. If there is one principle to remember when mulling over your options, it’s to be sure to take advantage of any match offered by your employer. Not doing so is leaving free money on the table.
Increase your contribution: Whenever there is an opportunity to put more into your retirement fund, take it. When you get a raise or a bonus, consider increasing your contribution. If you save money on other expenses in your budget, for example, canceling a cable subscription you don’t use, try to set aside a portion of the saved money for your retirement fund.
Meet with an advisor: Consider turning to a professional. The great majority of Americans —95 percent —trust their financial advisors and 90 percent say their advisor helps them achieve financial security. Relying on their expertise can help position you for a more comfortable retirement.
More retirement tips and resources can be found at LincolnFinancial.com.