Most people need to save more — often a lot more — to build a nest egg that can meet their needs. Many financial experts recommend putting away 12 to 15 percent of your pay for retirement. There’s a relatively painless way to reach that goal.
Take small steps
- Begin by contributing enough to receive your employer’s matching contribution
- Consider gradually raising your contribution amount to 12 percent or higher
- Raise your plan contributions once a year by an amount that’s easy to handle, on a date that’s easy to remember—say, 2 percent on your birthday. Thanks to the power of compounding (the earnings on your earnings), even small, regular increases in your plan contributions can make a big difference over time.
A little more can mean a lot
Think ahead and take action now. To increase your deferral percentage, contact your HR department today.
1Assumes 8% annual rate of return compounded.
Contact your MCF Financial Consultant, today!
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