From a 401(k) to IRA, find out the various ways to prepare your finances for retirement.
Saving for retirement is a top financial priority for most Americans. People generally live longer these days and need a considerable amount of money for a comfortable retirement. The trend away from defined benefit pension plans has put the responsibility of retirement savings onto individuals. Here are some ideas on how to invest for retirement.
The earlier you start investing for retirement, the more money you will have when it's time to withdraw the funds. Time is one of the biggest allies you have in saving for retirement. Use the “miracle” of compound growth in your retirement savings.
Before you start investing, determine how much you will need to retire comfortably and set a goal. Take into account things like:
Where you plan to live
If you will own or rent your home
If you plan to travel a lot.
Having a set goal in mind helps you make sure you are on track. And it enables you to determine which investments to make. You can use the Personal Capital's retirement success calculator to start estimating your retirement portfolio