Retirement Planning

2 Ways to Save for Retirement Automatically

Retirement planning can be complicated and overwhelming, but there are a few ways to implement an automatic saving strategy and put aside money for your retirement.

Automate Your Savings

When it comes to saving for retirement, many of us put forth a gallant effort to stay on top of managing our savings and investment accounts. However, not all of your retirement strategies should require your constant supervision. In fact, you may be unaware of the different ways your money can, and is, working for you - automatically!

The following are two ways you can save for retirement, automatically:

  • Your tax deferred retirement accounts. By making your 401(k) contributions automatic (having your employer pull money from your paycheck before you even see it) you can effortlessly save without having to write a check every month or transfer money between accounts. And because the money is tax deferred, you're earning on money that would have otherwise gone to Uncle Sam. If your employer is matching your contribution every month, then you're saving even more!
  • An automatic savings plan. If you're not the disciplined type or if a busy life just seems to get in the way of your savings plan, then set up your savings account to where you can have money deposited every month into your account. Many financial institutions have savings programs that will automatically pull money from an account (say your checking account) each month, and make a deposit into your savings (you set the amount and date of the deposit). With an automatic savings plan, money is pulled before you see it and moved where you can't easily access it.
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