How to Start Saving for Retirement in 3 Easy Steps

According to the report “Are Americans Ready for Retirement?”, employer-based retirement plan sponsorship rates declined to 53% in 2011. This means that almost half of U.S. workers do not have access to a retirement plan through their employer.

Still, if you are an employee with an employer-sponsored retirement plan, saving for retirement is still your responsibility and is the only way to secure your financial future.

Although there are individual retirement account (IRA) options available via various brokerages, the minimum contribution amounts required can be a barrier for you to start investing for your retirement. Vanguard, for example, requires a minimum of $1,000 to open an IRA.

Of course, you can always save up the minimum contribution amounts in a savings account and then fund an IRA, but you’ll run the risk of losing motivation and falling off track, when life gets in the way.

Saving for Retirement On Your Own

You can overcome the minimum funding threshold barrier and avoid the pitfall of not investing at all by opening an IRA with a company like Ellevest, that allows you to establish an account with no minimum balance. I’m excited to be working with Ellevest to share information about investing towards your retirement goals. I will receive compensation if you become an Ellevest client.

Ellevest’s tools help you:

  • Establish a yearly target for your future retirement income;
  • Create a monthly investing goal;
  • Open an IRA to start investing for retirement; and
  • Incorporate other savings and investing goals.

Plus, you have the option to automate and increase your contributions to make funding your retirement, effortless.

Start Securing Your Retirement, Today

You can learn more about how Ellevest HERE, and start creating your plan in these 3 easy steps:

  1. Map out your retirement goal
  2. Create a plan to reach your retirement goal
  3. Fund your retirement goal

That’s it!

Bonus: When you set up an IRA, you can opt to direct a portion of your tax refund to your IRA account. Learn more at SaveYourRefund.com.

If you’ve been confused and discouraged about saving for retirement, or just don’t know where to begin, use these simple steps to get started. Your future self will thank you.

~ Melisa Boutin

SECURE YOUR FUTURE

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