There are lots of ways to invest your money, but how do you know what the best way to save is?
Here’s three easy ways to make sure you’re saving smart for retirement:
- Employers will often match a certain amount of what you put into your 401(k). Direct your first savings dollars into that account, at least until you receive the full match.
- Contribute to an IRA. You can contribute up to $5,500 to an IRA each year (or $6,500 if you’re 50 or older). There are different types of IRA: Traditional, Roth, and Coverdell. Click here to learn more about which one is right for you.
- If you max out the IRA, turn back to your 401(k) or other employer plan and continue making contributions there.Telco members have access to 14 designated Certified Credit Union Financial Counselors (CCUFC) who can help you develop a plan for future success.
Source: https://www.nerdwallet.com/article/how-to-save-for-retirement
