Written by Salina Jivani
If you’re in your twenties or thirties, probably one of the last thoughts in your mind is retirement. But what if someone told you that if you do make it a thought right this very moment, retirement can mean at least a million dollars in your nest egg? If that sounds unreal, read on…because it’s not. Do these three simple things and that million dollars will be a reality when it comes time for you to chuck those chains to your 9 to 5 and retire.
Try automatic deposits
When you don’t see it, you won’t miss it. The best way to save is to have money direct deposited into a separate savings account every pay period. This way, you don’t have to worry about saving after the fact—it’s already made a normal part of your financial routine.
Make more, save more
The amount you put toward savings should increase as your pay increases. The more you make, the more you should put toward your savings account. The easiest way to manage this is by calculating what percentage of your income you’re currently saving, and maintain that percentage with each pay increase you receive.
Take advantage of your company’s 401K match program
Many companies offer a 401K match program, matching up to a certain percentage of whatever you invest every period in your own 401K. Take advantage of this “free money,” and if you can afford it, capitalize on this benefit by contributing the maximum amount your company matches.
Remember, the early bird catches the worm. And if you want to see yourself off to a healthy, timely retirement, starting now is the wisest choice you can make.