Knowing how to start a retirement fund is the first step in securing your financial future. The sooner you start investing in a retirement fund, the better, as time is on your side for building wealth. Plan to savor your retirement years without worrying about money.
- Go the Human Relations department at work. Read all the information they give you on employer sponsored 401K plans, 403b plans, and the like.
- If you have no retirement fund options from your employer, start a regular or Roth IRA on your own. Depending on your salary range and other individual factors, one of these works for you.
- Research mutual funds available to you. Most often, you will have a limited choice of mutual funds through your employer. If you don’t have an employer sponsored retirement fund, then you have a ton of options. Choose no load funds with low management fees at less than one percent.
- If your employer will match your contributions to your retirement fund, make the maximum allowable contributions each month. If you don’t get matching contributions, put in as much as you can, with a minimum of 10 percent each month.
- Keep all of the information, quarterly statements, contact information, etc. in a binder. Keep passwords to your retirement fund website secure.
Remember, no matter how many years until retiring, it’s never too late to start a retirement fund. Give yourself a high five for getting on the smart track to start a retirement fund. During your retirement years, plan to enjoy the fruits of your savvy investments.