Member FDIC FDIC-Insured—Backed by the full faith and credit of the U.S. Government
Skip to main content
Back to articles

Simple ways millennials can save for retirement


Is there a right time to start saving for retirement?

Retirement seems like something that is decades away, but it is coming up sooner than you think! Most 30-somethings might push off the thought of retirement because the thought of saving for retirement is daunting and a bit confusing. It doesn’t have to be that way. We are going to break down some easy ways to prepare yourself now so your “future-self” will thank you.

A 401(k) is a tax-advantaged way to save for the future.

An easy way to save is with your employer-sponsored 401(k) plan. A 401(k) is a tax-advantaged savings plan where employees can deduct a portion of their salary from each paycheck and have it invested. Typically, employers will contribute a certain percentage to the plan, and it is often referred to as a company match, but it is important to check the details. The money in the 401(k) plan may be able to grow tax-deferred or tax-free.

How do you set up a 401(k)?

When you start a job, part of your onboarding materials should explain how to enroll in a 401(k) plan. It can vary with each employer, but employees can have the money deducted automatically and deposited into a 401(k) account. The account will accrue with every paycheck and develop a healthy retirement fund for the future. Be sure to confirm with your employer if you have questions about the specifics of your plan.

Is there an alternative to a 401(k)?

What do you do if your employer does not offer, or match contributions to, a 401(k)?  Consider an IRA as an alternative. An IRA is an individual retirement account that allows eligible participants to benefit from a tax advantaged account to save for retirement. With an IRA, your money can accrue tax-free or tax-deferred until retirement.

Let’s review:

Don’t wait to save. Saving for retirement has never been easier to set up and the earlier you get started, the better! If you have questions, contact us.

More articles from our Learning Center:

How to spot government imposter scams

How to spot government imposter scams

Scammers often impersonate officials from federal agencies, such as the IRS or local tax offices, to trick you into...

Romance scams take more than your heart

Romance scams take more than your heart

Don’t fall head over heels for a scammer Romance scammers are in it for the long game. They will...
5 Steps to create a budget (Video)

5 Steps to create a budget (Video)

Looking to set some financial goals in 2025? Creating a budget is the right place to start. First-time budgeters may feel...

Start the year with savings: financial goals & habits for 2025

Start the year with savings: financial goals & habits for 2025

Saving can be enjoyable As the new year begins, it's the perfect time to set new financial goals...
Federal interest rate cuts explained

Federal interest rate cuts explained

What does it mean when interest rates are cut? The action of cutting interest rates involves...
How to protect yourself against phishing scams

How to protect yourself against phishing scams

Phishing Scams

Every day, thousands fall victim to phishing scams through fraudulent emails, texts, and calls fr...
Loading...
There was an error retrieving results
Load More