Investing 101How to Prepare for Retirement

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Join our #CreditChat every Wednesday at 3 p.m. ET. This week, we talked about how to prepare for retirement.

ex.pn/retire

http://www.experian.com/blogs/news/about/prepare-retirement/

When should we start putting money toward retirement?

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#CreditChatWednesday | 3 p.m. ET

Retirement is a lifelong investment. It is never too early or too late to start

planning and saving at any age!

- @taynelawgroup

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Ideally, start saving for retirement in your 20s - you want as much time as possible for your money to grow.

- @kevincswanson

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Small investments made sooner do better than big investments for less time.

- @JustOnePay

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Employ good savings habits as early as possible regardless of income! Or

start a Family 401(k)!

- @KOFETIME

What factors should be included in a retirement planning strategy?

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#CreditChatWednesday | 3 p.m. ET

When planning for retirement, you should take into account how old you are now and at what age you want to

retire.

- Southeast Financial@SFCUNews

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There are several, but debt, income, long-term living arrangements, and

estate planning are all factors to consider.

- @LeslieHTayneEsq

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When starting out, if your company offers a 401(k) with a match, save at least that much.

- @Rod_Griffin

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Start with the basics; income vs expenses and how long you will need

income. You dont want to outlive your money.

- @kevincswanson

How much should you save for retirement?

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You have to look at how much you spend, and how much debt youre in

to determine your number.

- @FedChoiceFCU

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Would be easy to say as much as possible, but really its as much as you need to live the life

you want. Not as simple.

- @Rod_Griffin

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Retirement savings: treat it like a bill in your current budget so youre covered monthly and saving for your

future.

- @KOFETIME

What options are available for investing for retirement?

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#CreditChatWednesday | 3 p.m. ET

Look for tax-efficient options for retirement savings, dependent on your situation. 401(k) versus Roth

IRA.

- @kevincswanson

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Check with your employer to see if they will match your 401(k) contributions.

- @LeslieHTayneEsq

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Thrift Savings Plans, 401 (k) plans, and IRAs are popular ways to save

and invest for retirement.

- @FedChoiceFCU

How are a 401(k), a 403(b) and an IRA different?

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401(k) is from a for-profit company, 403(b) is from a tax-exempt

nonprofit, and IRA is from personal retirement savings.

- @AirForceFCU

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A 401(k) has a matching contribution from your employer.

Which means of the contributions are free money, take advantage!

- @KOFETIME

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401(k)s are employee-sponsored with limited investment choices; an IRA has access to many

more security investment choices.

- @kevincswanson

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Think of it like: 401(k) through employers, 401(b) for public ed/tax exempt, and IRA for individuals.

- @JustOnePay

What is the difference between a traditional plan and a Roth plan?

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With a traditional plan, contributions are taxed when they

withdraw. With Roth, contributions have already been taxed.

- Southeast Financial@SFCUNews

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With traditional IRA you pay taxes when you withdraw the money in retirement. With Roth

IRA you pay the taxes on the front end.

- @LeslieHTayneEsq

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Both Roth and traditional IRA grow tax free in your account; IRA is taxed when you withdraw and Roth when

you contribute money.

- @KOFETIME

Should asset allocations change as we get older?

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As you get older, shift your portfolio to bonds and money-market funds. Your tolerance for risks decreases as

you age.

- @care4yourfuture

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As you get older, look to gradually increase your retirement contributions each year.

- @taynelawgroup

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Reevaluating your investment strategy as you age is important. Researching is important at any

age.

- @StopFraudCo

What should we know about taxes and retirement?

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#CreditChatWednesday | 3 p.m. ET

Benefit from tax diversification by holding traditional retirement

accounts, Roth accounts and taxable accounts.

- @KiplingerRetire

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Remember, your accounts are going to be taxed; the question is do you want to be taxed

now or later?

- @care4yourfuture

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Taxes and retirement: know your tax bracket so you choose wisely,

Roth or IRA, and pay less taxes either now or later.

- @KOFETIME

How often should you review your retirement investments?

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#CreditChatWednesday | 3 p.m. ET

Its good to touch base with your retirement goals once a year, see if

they align with your budget saving.

- @FrogskinU

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As a general rule, once a year so you can make sure your asset allocation still makes sense for

your age and goals.

- @LeslieHTayneEsq

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Its good to assess your retirement plan at least once a year and make

any adjustments based on what you see.

- Southeast Financial@SFCUNews

Any final tips for those trying to invest for retirement?

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#CreditChatWednesday | 3 p.m. ET

It can be intimidating to start, but its easier than you think! Save

yourself stress in the future and start today.

- @JustOnePay

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Contribute early and regularly. Let compounding interest work for you by starting

asap. Remember, time is money!

- @care4yourfuture

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Start saving early so that time is on your side. Try to increase the

percentage you save with every raise you get.

- @KiplingerRetire

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Retirement is the reward of a lifetime of work, make sure you prepare for it as best as you can

so you can enjoy it!

- @taynelawgroup

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Check out all the resources and tips shared:

ex.pn/retire

http://www.experian.com/blogs/news/about/prepare-retirement/

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