Saving for Retirement
As part of National Save for Retirement Week, throughout this week, Capital Area Asset Builders (CAAB) will be posting information on retirement-related topics on our website and also on our Twitter, Facebook and LinkedIn platforms.
Retirement savings needs to be a top priority for all. Saving now for retirement will ensure that you have enough money to enjoy a comfortable standard of living when you stop or reduce the amount of hours you work.
You may be able to save for retirement at your workplace through a 401k plan. These accounts have many benefits including direct deposit from your paycheck, which automates the savings process and may include matching funds. Unfortunately, many do not have access to an employer-sponsored retirement plan, such as a 401(k) plan. Even if your employer doesn’t offer a retirement plan, you can still save for retirement, by putting money in an Individual Retirement Account (IRA), Roth IRA, SEP IRA, SIMPLE IRA and/or myRA.
Information on each type of retirement investment vehicle will be posted on a daily basis on CAAB's website. Please stay tuned.
Keep in mind that slow and steady wins this race. Even modest monthly contributions to a retirement account for 30 to 40 years can, in part because of the miracle of compound interest, easily lead to an accumulation of several hundred thousand dollars.
About Capital Area Asset Builders
Capital Area Asset Builders (CAAB) is a non-profit organization whose mission is to empower low- and moderate-income residents of the Greater DC Area to take control of their finances, increase their savings, and build wealth for a better future.
Connect with CAAB via our social media platforms:
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Twitter: @CAAB_GreaterDC
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LinkedIn: https://www.linkedin.com/company/capital-area-asset-builders