Focus on Retirement Planning — It’s Your Future
Reading Time: 1 MinuteLast Updated: November 3, 2023
When most people begin their career, retirement is the farthest thing from their mind. Instead, they focus on trying to purchase a home, start a family, or perhaps save money for travel. Retirement seems so far away for many younger people that they delay putting aside money. However, it’s very important to save for the future — if you want to enjoy it.
An employer-sponsored retirement plan or 401(k) can be a useful way to set aside funds for retirement, especially if your employer offers matching funds on what you invest. If you don’t work for an employer that offers this type of plan, there are many other plans designed to help you save for retirement.
From solo 401(k)s to traditional and Roth IRAs, there are programs designed to fit a multitude of budgets. The earlier you start to save, the more funds you’ll have ready for retirement.
In addition to traditional programs, the U.S. Department of the Treasury now offers a retirement savings option called myRA. There’s no minimum to open the account, you can contribute what you can afford, and you can withdraw funds with ease. To learn more about myRA, visit myRA.gov.
And, as always, there is Social Security, which is funded by taxes you pay while you work. To get estimates of future benefits and check your earnings record for accuracy, you can create a personal my Social Security account.
Prepare for your future and start saving — and planning — today!
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Tags: my Social Security, my Social Security account, retirement, retirement benefits
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Jim Borland, Acting Deputy Commissioner for Communications
Jim Borland, Acting Deputy Commissioner for Communications
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Ricky N.
My wife is currently receiving a TRS annuity from teaching in texas . We are divorcing after 37 yrs of marriage. If the court orders a QDRO dividing the annunity does it affect the SS I will draw in 4 yrs. SS said it did not affect my SS since it was court ordered. Is this right?
Felipe
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