Budgeting For Dummies

Chapter 9

Saving for Your Retirement

IN THIS CHAPTER

Taking advantage of employer contributions to your retirement account

Discussing ways to build your retirement

I’ll never forget the first time an employer sat me down to discuss retirement options. I was approaching the end of my 90-day probation period at a new job. Things were going pretty well, so naturally I was worried when the human resources manager wanted to meet with me before my shift. Imagine my surprise when she handed me an envelope stuffed with retirement options she wanted to go over. Retirement options? As a part-time employee? But she was right; I should have been thinking about my financial future even then.

With so many people living paycheck to paycheck, saving for future goals such as retirement can seem impossible. United States Census Bureau surveys indicate that a surprising number of people age 55 to 66 have nothing saved for retirement.

So if you’re currently at zero, don’t feel bad. It’s not just a “you” problem. That’s why sticking to whatever budgeting method you choose helps tremendously when you’re saving for your retirement — every little bit helps. That’s why when you have the opportunity to earn free money, such as an employer-matched retirement fund, you don’t want to leave it on the table. ...