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How to start saving for retirement

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How to start saving for retirement

How to save for retirement

We hear it everyday that we are not saving enough for retirement and that we will not have enough retirement savings.  With the millions of baby boomers about to retire, more and more of them are finding out they do not have enough to retire because they didn't save enough money when they were younger.  

It is much harder for older people to save money for retirement.  It is much easier when you are younger.  That is when you have time to take advantage of compounding interest.  The time value of money is a very beautiful thing.  This lens will help you start saving for retirement.  There is no time like the present to start saving money for your eventual retirement.  Ideally you want to start in your teens.  But most people will not do that.  So the next best time is when you're in your early twenties.  Instead of getting the brand new 72 inch high definition wide screen plasma TV, get the 52 inch one, save a couple thousand dollars and start a retirement fund.  In 40 years when that small amount of money has grown to several hundred thousand dollars, you'll be a much happier future retiree.

Start now to save for retirement. 

Free retirement planning tips

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Start saving for retirement

The easy way to start building up your retirement savings

Start saving for retirement

Start saving money automatically and you'll be off to a good start. Start saving for retirement

Back in 2002, I started both my brother and sister, who are both in their mid twenties on a $200 a month automatic investment plan through Sharebuilder. They were both buying ETFs instead of individual stocks because I wanted diversified risk investments that had good performance. Jump ahead to now and they each have a nice chunk of change that has grown nicely at a relatively low risk. So now they have a jump on their retirement savings with an extra $12-$14 thousand and growing each month without them doing anything.

You can do the same thing. You can start saving for retirement and do it automatically without you noticing it. You can save as little as $50 a month to start. Leave that money working for your for 10, 20, 30 years and you'll have a good amount of money waiting for you in retirment.

Sharebuilder is cheap and easy to use. You pick which investments you want, when you want the money to come out of your account each month and you're done. It only costs $4 for each automatic investment. There's nothing like saving for retirement automatically.

Check out Sharebuilder on the banner below.

ShareBuilder - Welcome page

Start Saving for retirement

Books to help you start saving for retirement

The folks at The Motley Fool make investing very easy to understand. They break down the complex jargon you see on all the investing and business channels and make it make sense. I've enjoyed all their books and it's helped me with my retirement savings as it will you.
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  • Invroz Sep 2, 2007 @ 10:39 am | delete
    Hi startinvesting,

    Already rated yr lens. A 5 star.
  • Invroz Sep 2, 2007 @ 10:35 am | delete
    Hi startinvesting. I totally agree with you there. Start saving early, eventhough with a small amount and watch it grow into a nice tidy sum. Good lens containing good pointers. I give a 5 star rating.Welcome to my lens and give me your rating and review.
    Http://www.squidoo.com/retirementresources/
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Sites to help you learn about saving for retirement

The Motley Fool
Their slogan is to educate, amuse and enrich. Read their sections on savings and retirement.
My Money
Here's a good government run site dedicated to all things personal finance including several resources and articles about saving for retirement and retirement planning.
Retirement Planning Course
Here's a blog that covers all retirement planning issues. Stay up to date on the best places to retire, saving for retirement, Social Security tips and more.
Save more money for your retirement in 2008
Saving money for retirement. It is never too late to start saving money for your retirement. The sooner the better though. The earlier you start saving the earlier you get to start enjoying the benefits of compound interest. As 2007 comes to a close and 2008 jumps out at us, start making your New Year's resolutions that will benefit you for many years to come - especially in your retirement.

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startinvesting

Hello- I like saving for retirement.  I know Social Security will not be there for me when I retire so I'm taking my retirement into my own hands and... more »

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