Just the thought of determining how much money you might need after you stop working can be overwhelming, much less figuring out how to come up with those dollars.
But the most important and sometimes toughest step is simply getting started.
The options can seem unlimited — and there are a lot of places and ways to invest for retirement.
Here are some simple steps to get started.
Check with your employer: The easiest way to get started on retirement savings is to find out if your employer offers help.
Many companies offer some sort of retirement benefits whether they be a 401(k), pension or some other option.
Companies often are shifting away from traditional pensions — which can offer a fixed income for life — and moving toward 401(k) options.
With a 401(k) employees can put money from their paychecks into a retirement account before paying taxes on the money. The money accumulates with interest and is taxed during retirement. Employers often match a portion of the money, and there are penalties for pulling the money before retirement.
If nothing else, make sure to take advantage of any free money an employer might put toward your retirement.