When planning for retirement, the earlier you start saving, the better off you will be. Growing and then protecting your 401(k) is key to a secure retirement, Joel Anderson writes on Yahoo! Finance.
Planning for retirement can seem overwhelming.
It is important to know that you are not alone.
There are steps you can take to increase your retirement savings.
Fortunately, there is the 401(k).
As WSJ states: 401(k) is a retirement savings plan sponsored by an employer. It lets workers save and invest a piece of their paycheck before taxes are taken out. Taxes aren't paid until the money is withdrawn from the account. 401(k) plans arose during the 1980s as a supplement to pensions.
Consider these ways to make your 401(k) work:
1. Monitor your 401(k) on your computer.
2. Get out of debt.
3. Start building your emergency fund.
4. Find ways to save everyday and contribute to your 401(k).
5. Start investing now, even if it’s just a small amount.
6. Pay close attention to 401(k) rules.
7. Avoid high-fee investments.
8. Make future increases to your savings automatic.