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Growella Explains

What Is Retirement Planning? : An Introduction For First-Timers

Transcript

You don’t just get to retire. You have to plan to retire. And, the sooner you start planning, the more amazing your retirement can be.

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Episode Transcript

I love my job, but I don’t want to work forever. I want to retire someday and take it easy. Travel the world.

Do cool stuff.

But you don’t just get to retire. You have to plan to retire.

And, the sooner you start planning, the more amazing your retirement can be.

Want to know what I do?

First, I take advantage of this thing at work called a 401k retirement plan. It’s a funny name, I know. 401ks are named for the tax code section that rewards people who save for old age.

For every dollar I save into my 401k, the IRS actually lowers my tax bill, which is awesome.

I also take a chunk of my savings at the end of each year and I put it into a separate retirement account called IRA, which stands for Individual Retirement Account, because it’s mine.

IRAs have tax advantages so I save as much as I can.

Now, to be honest, sometimes it feels like I’m overdoing it with the savings; that I’m saving more for retirement than I should.

It’s a lot of money to put away for something so far down the road.

But, then I remember: we’re all getting older every day and retirement will get here soon enough.

And when it’s does, you can bet I’ll be grateful to my younger self for everything I did.

So, start saving for your retirement today.

The sooner you do, the better.