Saving for Retirement Advice From Around the Web
April is Financial Literacy Month, so it's a good reminder to review how much you know about managing your money. Chances are you might be making some mistakes. For example, a recent T.Rowe Price "Parents, Kids and Money Survey" found that more than half of the parents surveyed mistakenly think it's more important to save for their kids' college rather than their own retirement. Why is that a mistake? You won’t get any grants, scholarships or federally guaranteed loans to support you in your old age, nor will you have the income or time to catch up once you retire. And by forgoing tax-favored retirement accounts, such as a 401(k), you not only miss out on any employer match but also lose the tax benefit and opportunity for long-term growth that these accounts offer.
SEE ALSO: Why You Need a Roth IRA
Take our Are You Saving Enough for Retirement? quiz to make sure you're on track to building a nest egg that's large enough to cover your expenses when you're no longer working. Then read on for advice on saving for retirement from some of our favorite personal finance bloggers.
5 Easy Investment Strategies That Build Wealth [Mint Life]
"Whether you’re thinking of investing your tax refund or pushing your 401k or IRA to grow bigger, here are five ways to get more from your money immediately."
Financing Your Bucket List [Get Rich Slowly]
"The biggest mistake people make when thinking about retirement planning is treating it as a finish line instead of a starting point. There are four cornerstones that help you plan ahead so you can spend time on your own bucket list, and enjoy what’s ahead."
Top 6 Mistakes That Will Screw Up Your Retirement [Good Financial Cents]
"I’ve been a financial advisor for over 12 years now and I’ve seen plenty of people screw themselves out of a successful retirement. The most frustrating aspect on my end is that many of it could have been avoided if those people took a little bit of time to review their situation."
Are You Forgetting to Include This Key Factor in Your Retirement Plan? [MoneyNing]
"Here’s how you can protect your nest egg from the destructive power of inflation, both before and after you retire."