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Miriam Caldwell

Weekend Challenges 2013: Retirement Check Up

By February 7, 2013

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A part of your overall financial health is your retirement savings. Whether you have a pension plan, a 401(k) plan, or self employed retirement accounts, saving for retirement is something you need to be doing on a consistent basis. You do not want to cheat your future because you are struggling to get by today. This weekend's challenge review your current retirement status and helps you get started on saving for retirement if you haven't already.

The first thing you will want to do is to check the balance on your current retirement accounts. If you do not have any savings currently, you will need to start contributing to retirement right away. When you still have a lot of debt, you will want to contribute up to your employer's match until you clean up the debt, then you can work on bringing your contribution rate up to fifteen percent. You should invest in a Roth IRA in addition to your employer's plan. Take the time now to make sure you are contributing enough money each month.

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