If you’re having trouble saving for your golden years, you’re not alone.
A new report from the National Institute on Retirement Security says the average American worker has less than $1,000 saved for retirement.
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Kyle Moore, financial planner at Quarry Hill Advisors in St. Paul, says to look for small ways to start saving, like if you have a 401(k) at your job.
“Especially just taking advantage of your employer match,” Moore said.
“If you compound that over the course of your career, 30 years, 40 years, it can turn into substantial money,” he said, adding, “If you have a little bit of money to invest, there’s a lot of companies like Fidelity, Vanguard, or Schwab. You can open a small account with [it] and you can get started. Roth IRA’s are [a] very powerful vehicle because your money will grow tax-free and that means it will come out tax-free in retirement.”
The rule of thumb is that people should have retirement savings equal to one year of their annual income by age 30. By the age of 60, people should have eight times their income socked away for their golden years.
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