A good way to get in the retirement savings game is to start low. Contribute the highest amount you can afford and gradually increase the percentage with time. How far away retirement appears shouldn’t cause you to put off your savings plan. We all know that most things we put off until tomorrow rarely get done or get done in such a haste, it leads to a less than impressive outcome. The best thing to do is start early and small as you gradually increase your contributions through time.
If you want long-term financial security, start saving as early as possible. With your job’s 401K, a sound goal is to contribute as much as you can to get your employer’s highest matching contribution. If possible, total contributions including your employer’s match should be 15%. Considering the expenses related to living in New York City, 15% may be a high percentage for many to contribute. Try re-evaluating the things that are not real necessities that you spend money on and redirect that money towards a better savings plan. Do you really need that tall Caramel Macchiato every morning? Do you need to pay for cable when you’re barely home to watch it? Instead of investing in the latest smart phone or spending money on your weekly manicure, put that money towards your savings which is one simple step towards increasing your retirement portfolio.
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