By Katie Bryan, America Saves Communications Director
The Personal Investment Enterprise Program, a partnership between Foothills United Way and Boulder County Community Action Program provides tools that empower low-income
individuals and families to save and build assets to strengthen their economic stability. To learn more about the program visit www.bouldercountypie.org. The first step in applying to the program is to attend an orientation meeting with Nino Gallo at Community Action Programs at Boulder County. Nino may be reached at 303-441-3998 or at [email protected].
No matter how old you are, saving for retirement should be a top priority. While knowing how much you will need to live a comfortable retirement and saving to reach that goal is the key, here are some quick tips for saving for retirement during each stage of life.
Saving In Your 20’s
Save at Your Workplace – Starting early is one of the best ways to save for retirement. Take advantage of any workplace retirement plans you can and make sure to contribute enough to receive matching contributions. This is one of the few places you will get a 100% return on your “matched” investment. Don’t have a workplace savings account? Consider opening an IRA.
Saving In Your 30’s
Plan for how much you will need to save with the Ballpark E$timate tool.
As your salary increases, consider gradually increasing the percentage you contribute toward your retirement. Consider expanding your retirement portfolio to include at work or outside of work saving options.
Saving In Your 40’s
how much money they will need to save so that they can live comfortably in retirement.
Pay off as much debt as possible.
Consider increasing retirement contributions.
Address any life changes that could impact your retirement plan.
Saving In Your 50’s
Play Catch Up – Once you turn 50, you can make "catch up contributions"· — an extra amount, beyond the normal limits, that you can make to tax-deferred retirement plans.
Review your accounts to learn when and how you can withdraw money from your accounts, and make sure you are on target with your savings to last your through retirement.
Estimate how much you will receive from
Social Security and determine the age you should apply for Social Security benefits.
Saving In Your 60’s
Waiting a few years can add up to greater payouts from Social Security. Decide when you should start receiving retirement benefits. Download When to Start Receiving Retirement Benefits SSA
Find ways to reduce your spending so that you can live within your means during retirement.
America Saves, managed by the Consumer Federation of America (CFA), is a non-profit research‐based social marketing campaign that seeks to motivate, support, and encourage low- to moderate-income households to save money and build wealth. Learn more at americasaves.org/
Other Resources
Colorado Financial Planning Day October 5, 2013
Choose to Save:
- Ballpark E$timate interactive tool
- Download Ballpark E$timate Worksheet
- Download Ballpark E$timate Worksheet Spanish
- Retirement Personality Profiler quiz
Financial Industry Regulatory Authority (FINRA)
- Smart 401k investing
- Help Your Employees Achieve Their Retirement Dream
- Early Retirement information
Additional Resources:
·
