Planning Your Retirement
Just as it is never too early to begin saving for your child's college education, it is never too early to begin planning for your retirement. Most experts would say that saving for your retirement is even more important than saving for college. After all, there will be other options if you don't have enough money for your child's college expenses, but you will have fewer options when you are ready to retire.
If you aren't funding your retirement plan at work, consider cutting back on other expenses so that you can. Since you can put this money away tax-free, you are throwing away money if you don't, especially if your employer provides a matching contribution.
The easiest way to set aside money for retirement is to contribute to a retirement plan at work. That is especially a good idea if your employer offers any kind of matching funds. The first step in planning for retirement is often making sure that you are contributing the maximum amount that you can to your job's retirement plan.
If you don't have a retirement plan at work, you may have to save on your own. An Individual Retirement Account or Roth IRA is a good way to do that. In addition, you can plan on your own savings and investments to help finance your retirement. If you aren't sure how to get started, a financial planner can help you.