"I assume the company will take care of me." That's what our newest employee said the other week when I asked her if she planned to contribute to our company's 401(k) plan.
She opted not to contribute.
Mind you, our company has a generous 401(k) plan that contributes a significant amount of money on behalf of each employee each year. So maybe she need not worry about contributing. But why would she not want to do more to help pave the path towards her future retirement?
It is difficult getting motivated saving for retirement when you are young. We would love to spend our hard-earned money today rather than save it for later. Besides, who knows, we might get hit by a bus or something and not need the money, right?
Come on now, get realistic. Most of us will live at a minimum 70 to 80 years. So if you want to enjoy these older years without constantly worrying about money, ya better start saving TODAY! No excuses.
And if you think you can survive off of the $1000 per month average Social Security payout, you must have an extremely low-cost lifestyle.
So keep the following ideas in mind to get your retirement savings plan on track:
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