Pick up your pace

No matter how far off your goal is, one thing's for sure, it will never get any closer until you start moving towards it. Saving for retirement is the same way. You have to start picking up the pace now. Waiting even 5 years can have a big impact on your end result. The number one factor in your success is the amount you choose to contribute. You should aim to save at least 6% of your pre-tax salary. If that’s too much right now and you have many years until retirement, start lower and steadily increase it over time. And if your employer matches your contribution, be sure to contribute enough to get it all. It’s free money!

Little increases now can pay big dividends down the line. So let’s say you make $30,000 a year and contribute 2% of your salary to your retirement plan. If you increase your contribution by just 1% a year for 4 years, then your contribution will reach 6%. And when you retire after 30 years (assuming a 7% rate of return), your retirement plan assets could be doubled, which means you could have twice as much money each month in retirement. 

So seeing these big results requires big sacrifices now -- right? Wrong. An extra $50 a paycheck now can mean an extra $1,200 a month in retirement. And finding that extra money is easier than you think. You can cut out a latte today. Bring a lunch tomorrow. And each time you get a raise, increase your contributions. You probably won’t miss the money, but you’ll appreciate the difference it makes at retirement.

Well now you know that how much you contribute is the number one factor in your success, let’s get started. Increase your contribution rate online. Or call a retirement specialist.