When you first start out in your career, retirement may seem like it is eons away. You may think you have dozens of years before you have to think about seriously putting money away for a later time in your life.
However, your career will pass you by faster than you might originally imagine. If you do not start saving now, you could find yourself nearing retirement with few if any savings. When you want a realistic and convenient way to start saving money, you might consider options like an SEP IRA and other options that you can start investing in now.
Employer-sponsored Retirement Savings
If you work as an employee for most or all of your career, you may have the option of starting and putting money into a 401k account. A 401k is an employer-sponsored retirement savings account. Most employers match you partially or fully dollar-for-dollar that you put into the account.
If you start one of these accounts when you first start working, you could have tens or hundreds of thousands of dollars at your disposal when you retire. Most of these accounts require a minimal amount to start.
Private IRA Savings
You also have the option of opening an SEP IRA or other private retirement account if you work for yourself, as an independent contractor, or you want to supplement your 401k. You can open one of these accounts through a brokerage firm, financial planning service, or a bank. You may want to work with a professional financial planner to find out what the IRA rates are and what stocks and bonds are most lucrative in which to invest.
You can find out more about private retirement saving options online. Contact or visit the website to learn more or to start your private retirement savings today.
