If you’ve got three or even four decades to go until retirement, saving for that time of your life may be the last thing on your mind. But you’ve actually got the most incredible element on your side — time.
In fact, with the power of compound interest, you’ll be able to get more bang for your contributions than your peers who wait until they’re closing in on retirement age to start really planning and saving.
Of course, wanting to save for retirement and actually doing it are two very different things. When you’re just getting started, it’s easy to feel intimidated by the confusing alphabet soup of terminology — 401(k), 403(b), IRA, Roth SEP, SIMPLE, HSA, and so on.
So I’m demystifying the options for retirement savings. And I’m walking you through the process of kickstarting your journey to a successful future. [Read more…]