3 things you should know about investing for retirement
You’re not out of time
With compound interest, it obviously helps to start early. But even if you’ve gotten a late start, it’s definitely not TOO late to make a difference. If you’re over 50 you can contribute up to $24k to your 401(k) and up to $6500 to your IRA. You probably won’t max those out, but you should still save as much as you can, as soon as you can.
You don’t have to be rich to invest
Sure, there are some index funds that have a high dollar minimum but there’s also a lot of other options out there. The easiest way to start investing is to enroll in your company’s 401(k) program. You can contribute a small percentage of your salary to a 401(k) and a lot of times your employer will even match your contribution (up to a certain limit). If your employer doesn’t offer a 401(k) look into opening your own Roth IRA through an online broker. There are affordable options out there, so choose one!
All advisors aren’t created equal
There are brokers and there are fiduciaries. Don’t know the difference? Watch this video.