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Posted by Veronica (MONEY FORUMS: 1, Answers: 0)
Asked on September 29, 2015 10:30 pm
Try to set aside 15% of your paycheck to go to a mutual fund account. IRAs are especially good for retirement savings, as they generate more interest than money in a savings account does.
Hi Veronica; Great question! It is important to build savings other than a 401(k) or any other retirement plan for that matter. Generally a small savings account is a great place to start. This can build across time and provide a buffer for emergencies or put you in a better position to take advantage of an opportunity you need a little money for. One great way to do it is to have a little bit of each paycheck directly deposited into a savings account. Many people find that if they start out small they don't even miss it. Then increase it when you can.