Retirement Savings Plans in Your 20s and 30s?

Are retirement savings plans even on your radar? IfMake sure you're invested appropriately.
not, it should be. No putting it off. It's awesome toWith decades ahead to invest, you can afford a bit
be rich when you get older so keep reading. Maybemore risk. Consider loading up on stock mutual funds
you'd like to impart some early start wisdom to yourand stock index funds.
20-30ish year old? You too, should keep reading.Take advantage of the retirement savers tax credit
Here are basic ways to help plan for retirement whenif you're eligible
you're in your 20s and 30s...All you need to do to qualify for this valuable tax
Sign up for your employer's 401(k) or don't opt out ifbreak is to contribute to retirement savings plans and
you're auto-enrolledearn less than a certain amount.
If your employer contributes to your 401(k)It's worth up to $1,000 if your single with an income
contribute at least enough to capture the employer'sof $27,750 or less and if you're a head of household
match. You'll want to boost your contribution by 1%with an income up to $41,625. If you're married with
per year or more. Ultimately, your goal should be toan income of $55,500 or less, it is worth up to
save at least 15% of your salary, including the$2,000 for you and your spouse. That's on top of
employer match. Taking this action alone will get youthe usual upfront tax breaks for 401(k) and IRA
closer to the big bucks way quicker than yourcontributions.
buddies that don't. They'll likely still be working whileObviously, I cannot cover all of the nuances of
you sip on Pina Coladas at your beach home talkingretirement savings plans during your 20s and 30s in a
to your grandkids on the latest communicationsingle article. Start with these items, do your own
device.research and you will be well ahead of your peers.