There is plenty of information these days suggesting that most of us will never be able to save enough money to retire comfortably. Every day there is a fresh assault supply of gloom and doom reports saying we will probably outlive our money. Recession, the economy, unemployment, whatever the fear-du- jour, it is pretty easy to get discouraged.
Fortunately, there is a tried and true, proven formula for making your money last as long as you live. It’s not complicated, doesn’t take a degree in finance to understand it, and can be accomplished no matter how much money you have right now.
If you are working, you can start contributing right away to an individual retirement account. And, by following this simple formula, you will have the money you will need, when you need it most.
There are just three steps you need to take to ensure you will have the security tomorrow you are working for today. These three steps are: open an IRA to Gold, begin investing, and keep investing. That’s it. Let’s look at each a little closer.
Step one, you need to open an individual retirement account, which you can do very easily at a bank or a brokerage company, on-line or in person. The on-line accounts are the most convenient to set up and you can monitor your progress easily. The only major requirement to qualify for an IRA is that you are a wage-earner. If you are employed, you are eligible.
The second step is to begin contributing your account. When it comes to saving for retirement, time is of the essence. The sooner you start to save, the sooner the magic of compounding interest can go to work for you. Figure out how much you can set aside from every pay check to contribute to your IRA every time you are paid. At first, you might only be able to save $50. If that is all you can afford to contribute at first, that is perfectly okay. Start there.
The third step is to keep contributing. Every time you get paid, make a contribution to your IRA. The easiest way to set that up is to arrange for a draft from your bank account to your retirement account on your scheduled paydays.
Open your IRA, contribute to it, and keep contributing. Saving is easy when you take it one step at a time.