Most of us are looking at the social security system and have been notified already that full benefits will not be available to us until sometime significantly past the 65 years old benchmark. Some of us are looking dubiously at the likelihood of ever getting a social security benefit based on the baby boomer generation reaching retirement age. Remember one thing……it’s never too late to start saving.
Saving for retirement has some tax advantages. In lower income situations, there is a retirement savings credit. For some people they can obtain a “match” of their contributions to a certain % of the monies they save. Look at this “match” as free money. You get it for doing something that you would have done anyway. If you have a matching situation in your 401(k) or profit sharing plan, if you don’t participate, you are passing up this “free money” opportunity. Additionally, you may deduct an IRA contribution to a traditional IRA investment account if certain criteria are met. Continue reading “Saving for Retirement”