I know that the holidays is the season of spending. You might be blowing your budget and your diet. However, if you need to cut somewhere in your budget, don’t cut your retirement contributions.
Saving for retirement isn’t easy – but ya gotta do it! Lower income, debt (students loans), and high expenses are a few reasons why someone might decide not to contribute to retirement savings. This recent article by CNBC cites a study by Stash. It reveals that 40% of those surveyed aren’t putting ANYTHING aside for retirement. Millennials are even worse – half of 18- to 34-year-olds aren’t saving for retirement at all.
Maybe consider making retirement savings a New Year resolution. See if you can start or increase your retirement savings contributions. If your employer offers a 401(k), participate in the program. Try to contribute enough that you get any matching funds your company offers – it’s free money.
We’ll take a look at other saving and retirement ideas going forward but leave your thoughts in the comments.. We’d love to support your financial wellness and goals.