3 Easy Ways to Start Selling for Retirement

As soon as you get your first job, you should start planning your financial future. It can be difficult to save for retirement when it is so far away, but you save more money the earlier you begin. Regardless of your age, it is never too late to start saving. These are easy ways to begin saving for retirement.

Make Savings Automatic
A simple way to get started saving money for retirement is to take the decision to invest out of your hands. You can arrange to have your money diverted out of your check into a savings account or investment account before it gets to your checking account. If your employer offers a 401(k), then use an option that allows the employer to automatically take a portion from your check and put it into your investment account. You also get the bonus of not having to pay taxes on this amount.

Try an Annuity
Annuities are products from insurance companies that allow you to invest one lump sum and receive a series of pay-outs over a specific amount of time. You put in a certain amount upfront and let the amount grow over time like any other investment product. You can calculate how much you need to invest and for how long based on your retirement goals. The difference between this and your other retirement plan options is that you do not have a maximum contribution limit. Other products set low limits for investing, and it can be especially difficult to save the longer you wait to begin. Annuities make it easy to play catch up and invest larger amounts. You can always sell your annuity to a buyer at any point. You typically need to go through an attorney or broker to find a buyer.

Open an IRA
An Individual Retirement Account (IRA) is an account that draws interest and helps you save for retirement. You have a maximum amount that you can contribute towards your account each year. For those under 50 years old, the maximum contribution per year is $6,000, and the maximum is $7,000 for those 50 and older. Although your returns are higher the larger your deposits, you do not need to put in the maximum. Find financial institutions that do not have minimum amounts and monthly investment options to make it easier. Tie your checking account to your IRA for automatic withdraws.

Saving a large amount of money for retirement is a daunting task, but you can make small changes to start putting your financial future first. Use these tips, and you will be on the right track.