Retirement seems like something only seniors should worry about, but that’s not true. According to a recent survey, 82% of working Americans believe they will have a more challenging time achieving financial security than their parents. That’s why it’s so important to consider the steps necessary to plan for retirement now. Of course, it’s almost always a good idea to meet with a financial advisor to develop a retirement plan that’s beneficial to your situation, but in the meantime, view more to know some tips on how to start preparing for retirement now.

Open a 401k


If your company offers a 401k retirement plan, this could be an effortless way to get your savings. This is potentially free money for you. Another great thing about traditional 401k applications, at least at first, is that the money is taken out of your paycheck, which means you save money on taxes while you save for the future. You will have to pay taxes when you withdraw money from a traditional 401k (it’s different for roth accounts, which are a little less common), but for many individuals, income drops off after retirement, which means you won’t have to pay as much in taxes as when you had a full-time job.

Open an IRA

If your company doesn’t offer a 401k program, opening an IRA is still an excellent alternative to save money. While you may not have the guaranteed contributions typically provided with a 401k plan, the same tax basis generally applies to a traditional IRA.

Set Up an Emergency Fund


Another incentive is to eliminate the need for debt. If you need a major car repair or an unexpected medical bill comes up, using a crisis fund can be reassuringly affordable. Saving for the future doesn’t have to be a painful process. At the very least, start by putting as much as you can into a traditional savings account and do your best not to tap into it anytime soon.