Taking Small Steps Toward Retirement Savings

Getting started with retirement planning can be intimidating. But it doesn’t have to be a big leap, and the process of saving funds for retirement can be incremental. Here are a few tips to make the process less daunting.

• Take the time to research multiple mutual funds and find one with a low expense ratio
• Check your 401(k) plan to see if auto-escalation is possible which creates automatic increases to salary deductions when salary is raised
• Combine accounts if multiple retirement accounts exists due to moving jobs
• Make a detailed budget and determine if cutting some expenses in favor of adding to retirement savings would be beneficial.

See Jane Bianchi, 6 Small Money Moves That Can Have a Bog Impact on Your Nest Egg, Forbes, Sept. 23, 2014.