42 www.blackeoejournal.com Black EOE Journal
CAREERS
W
e know that saving for retirement is always a challenge, but it is impera- tive to get started and make saving a habit for a secure retirement. Here are a few resources that can help in any stage of your career, even if youve already retired.
Near Retirement
The first thing to know: It's never too late to start saving for retirement. Some workers over 50 may even be able to make catch-up contri- butions to save faster. Figure out where you are in your savings plan and what that means for your retirement savings goals. Use these tips, and check out the Department of Labor retire- ment toolkit for more resources: Put everything you can into your
Saving for Retirement at Every Stage of Your Career
By Debra Golding
retirement plan, especially if your employer contributes too. Remember, you will need to replace approximately 80-90 percent of your pre-retirement income to cover expenses. Reduce expenses. Funnel the savings into your nest egg. Learn about your investment options. Spread your money among investments to diversify, including putting money where the returns are. Work longer - giving your retirement savings more time to grow and more income for regular savings. Delay taking Social Security benefits. As a result, the monthly benefits will be higher when you start collecting them.
Mid-Career
Take full advantage of your workplace retirement plan if your employer offers one, and learn how it works. This approach is one of the best and easiest ways to save. If your employer doesnt offer a plan, learn about your other options. You also should: Save as much as you can. If your employer matches your contributions, find out how much the match is and how much you need to contribute to take advantage of the entire match. Save regularly. Make saving for retirement a habit. Use automatic deductions from your payroll or checking account to deposit in
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