3 Small Steps To Take This Week If You Have No Retirement Savings
We have some good news if you have zero dollars saved for retirement. Some of the best money moves to start building your retirement fund are easy to do and can be made as early as today.
Elias Friedman, certified financial planner (CFP) and founder of Kadima Wealth, joined us to share three simple moves worth making this week if you do not have any money saved towards retirement. Here’s what you need to do in the next seven days.
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1. Find Out If Your Employer Has a Retirement Plan
One of the easiest ways to start saving for retirement is through your current job.
Reach out to your employer to find out if they offer a retirement plan, like a 401(k) or 403(b) account. If they do, inquire about any matching programs for your contributions. If your employer offers a retirement plan and some type of match, start saving in this workplace plan.
2. Pay Down High-Interest Debt
Friedman said high-interest debt, especially credit card debt, is a silent killer to building wealth. If you possess any major debt, like student loans or credit cards, prioritize paying it down and ideally off in full as soon as possible.
3. Put $25 per Week Towards Retirement
To get in the habit of saving, Friedman recommends putting $25 towards your retirement savings every week. Then, increase this savings by $5 every year.
What if you’re unable to set $25 aside each week? Look for expenses you can cut out of your budget to make this happen, such as unsubscribing from streaming platforms, dining out less frequently or cutting back on food delivery services.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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