Automate your retirement planning and wealth-building approach.
Saving for the future should not feel like a chore. Make it a breeze instead. Automation is the key.
Build your emergency fund with automatic transfers. Practically any bank or credit union can arrange daily, weekly, or per-paycheck transfers of money from a checking account into a savings account, or split your incoming paycheck into percentages going to both accounts.
Try some apps. Apps like Qapital and Acorns subtly direct spare change from debit and credit card purchases into your savings account. 1
Arrange per-paycheck salary deferrals. Pay yourself first. Direct 10% or more of your earnings into your retirement plan if you can—your future self will thank you. Augment it with a tax refund or a bonus, if you like.
Ask your employer about an auto-escalation retirement plan. Your company’s plan may already offer this feature, which gradually increases your degree of retirement contribution over time, often by 1% a year.
Millennials are good savers. As a Harris Poll found, millennial parents have a median retirement savings rate of 10% of their incomes, better than parents who are Gen Xers (8%) and baby boomers (5%).2
How could you save a bit more? Call or email our office today for some ideas and insight. We're here for you.
1Fool.com, “3 Ways to Make Saving Easy and Painless,” September 15, 2017
2NerdWallet.com, “To Save More for Retirement, Follow These Millennials’ Lead,” October 10, 2017