Time: < 1 Hour
STEP 1: Go to Calcxml.com or a similar website that has a pre-retirement calculator and answer a few questions about yourself (and your spouse if you have one) to determine how much you need to save for retirement.
STEP 2: Based on your results, determine what it suggests you save each month vs. what is truly feasible for you to save. If you feel like you can’t save any, start with $5 a paycheck. Every bit counts and you will be surprised how quickly it will start to grow. Also, look at places where you can save some money (forego your morning coffee run and make it at home instead?) and put that amount into savings.
STEP 3: If you have a 401(k) at your organization, contribute to it immediately. ESPECIALLY if they have a 401(k)-matching program…this is free money. Talk to your Human Resources department to get more details on your specific program.
STEP 4: If all of this is new to you, talk to someone you trust that can help you better understand the process… a parent, friend, your HR representative or someone who you know saves or invests well.
