It’s never too late to begin saving for retirement. If your employer offers a retirement plan, sign up for it as soon as you can. If not, you can open an Icon account and still enjoy the benefits of tax-deferred savings (your money grows tax-free).
How much money will you need to set aside? If you’re over 50, you’ll need to save aggressively for retirement—at least 15% of your income. This might involve cutting expenses from your current budget, or perhaps taking on a second job or a side business. Some questions to ask yourself:
- When do I want to retire?
- Will I have other sources of income when I stop working, such as Social Security?
- What expenses will I have when I retire?