The 7 biggest threats to your retirement
by: AJ Smith
Saving for retirementcan be intimidating and confusing. This leads many people to avoid thinking about it altogether and just hiding their heads in the sand. However, the ostrich approach won’t make it any easier to reach retirement with a comfortable savings. In fact, avoidance is only one threat to your future financial security. Check out the following threats to your retirement account.
1. Not Starting Early Enough
The most helpful advice about retirement saving is to get started as soon as you can. The greatest asset in wealth-building is time. The sooner you begin, the more compound interest you will be able to earn. Even if you can only put a small amount into savings at first, it’s important to get started. You can (and probably should) increase your contributions as you move along in your career.
Most retirement accounts have fees and unfortunately, you usually can’t avoid them. However, you can make sure they are not draining your retirement account and leaving you with minimal savings. It’s a good idea to research retirement account options before you start using one. Then it’s important to check your statements regularly to see how the fees are affecting your savings. If your employer offers you retirement options, it’s important to make sure you are picking a 401(k) that will help meet your needs.continue reading »