The Department of Labor’s ‘Top 10 Ways to Prepare for Retirement’ provides 10 steps to get you started on saving for retirement, as well as additional tools and resources. Saving now can help ensure you are financially stable when you are ready to retire.
Retirement might not be at the front of your mind if you are just beginning your career, but the earlier you can start saving, the more financially secure you should be when you retire. The Department of Labor’s ‘Top 10 Ways to Prepare for Retirement’ can get you started by outlining 10 steps for retirement.
- Start saving, keep saving and stick to your goals.
- Know your retirement needs.
- Contribute to your employer’s retirement savings plan.
- Learn about your employer’s pension plan, how it works and if you are covered.
- Understand basic investment principles.
- Do not touch your retirement savings.
- Ask your employer to start a savings plan if they do not already have one.
- Put money into an Individual Retirement Account.
- Learn about your Social Security benefits.
- Ask questions.
Visit the Employee Benefits Security Administration website for additional tools and resources on retirement planning, savings fitness, women and retirement, filing a claim and much more.
Personal Financial Management Counselors on your installation can also help you plan for retirement. Visit MilitaryINSTALLATIONS, select ‘Personal Financial Management Services’ from the list of programs and services, enter your installation or postal code and select ‘Search’ to find a point of contact near you.
You can also contact a SECO career coach at 800-342-9647 or use the Live Chat feature on MySECO for additional guidance.