Save to retire
It’s possible. It really is possible to save for retirement. It doesn’t matter if you are in your 20s and haven’t thought about retiring, or in your 50s with retirement right around the corner. Saving for retirement is one thing every working American needs to do.
Let’s face it, employer-funded pensions are rare and Social Security retirement benefits will replace only a fraction of most salaries. So, that means the responsibility falls on each of us.
So, how can we keep everyday life expenses from derailing a retirement plan? How do you keep your retirement savings on track?
That’s where taking the Military Saves Pledge can help. You take charge of your savings plan when you make the commitment to save for something specific and write down an amount and a plan to accomplish it. You prioritize your savings, so it stays front of mind. The money goes towards your goal of saving and it doesn’t go somewhere else.
Below are three more ways to help achieve a secure retirement.
- Participate in a retirement saving plan at work, if offered. Members of the armed services can participate in the Thrift Savings Plan (TSP).
- Contribute to a traditional or Roth IRA, if you qualify. Just because you contribute to the TSP doesn’t always mean you can’t contribute to an IRA. You might also be able to save money through an IRA for your non-working spouse. Be sure to check out all of the specific rules and guidelines.
- Claim the Earned Income Tax Credit, if you can.
For more details on these options or if you need help calculating how much you will need for retirement, check out our Finances and Budgets. Learn more with engaging playlists. Also, you can explore FINRA Foundation’s www.SaveAndInvest.org/military/retirement. You can do it and start saving for retirement today!