Take advantage of these tips to grow your retirement nest egg this year.
Are you saving for retirement? Whether you are or not, it's never too late to start! But the earlier the better. A recent article in US News and World Report titled “5 Steps to Save More for Retirement” offers solid tips on building your nest egg, such as automatic payroll deductions.
Start out with a modest amount and gradually increase it. Most employers and financial institutions are set up to allow you to deposit money into more than one account; if not, set it up to deduct from your checking account the day you get paid.
"You don't miss what you don't have," as the saying goes. Or another way to think of it: "You can't spend what you already put in the bank."
Be sure to take a look at the original article and make an appointment with your financial advisor and estate planning attorney. Together, they can coordinate your retirement plan with your estate plan to help you implement those tips recommended in the article, as well as others that fit your situation. After that planning, you can get your nest egg growing!
Reference: US News and World Report, February 6, 2014: “5 Steps to Save More for Retirement”