Starting to save for retirement is extremely important. First, no one knows if social security will be around or in what form when we retire so it is important that we start to save. Starting early is best because you are able to make smaller contributions over a longer period of time, which minimizes the amount of money that comes out of your pocket. Second, about every 10 years your money will double, so the longer you have it in the market, the more opportunities that you have to double your existing balance. Therefore, it is better to start early rather than later.

I know many young professionals in the work force who don’t contribute to a retirement account because they don’t know how to start or they are concerned with “missing” the money that will be deducted for retirement. Hopefully these tips take out the frustration, complexity, and concerns in starting to save for retirement.

Just start. If you have questions on how to set up an employer-sponsored retirement account, contact your Human Resources department to learn how to access and open the account. If your employer doesn’t sponsor an account, speak to a financial planner or check out companies like Fidelity or Vanguard to explore IRAs.

Make it automatic.  If you don’t see it, then you won’t miss it. Setting up automatic retirement withdrawals reduces the likelihood that you will find a reason not to invest for retirement. Once you set up your online account, check the portal to learn how to set up automatic payments, and identify how much you want deducted each month.

Increase by 1 percentage point each year.  The maximum 401(k) contribution in 2014 is $17,500. If you cannot contribute the entire $17,500, don’t worry. Just get started. Once you start, gradually increase your contribution until you max out your annual contribution. If you increase your contribution in small increments, you won’t feel the reduction in take home pay as much. Sometimes easing in is better than jumping in a maxing out your contribution if it means a difference in starting or not.

What are you going to do to start or grow your retirement account? Let me know how it goes!

Aisha Taylor is a #1 Amazon Best Selling Author of the book “5+5 FNPhenomenal Ways to Save $100 This Week Without Killing Your Lifestyle”, and the Founder of FNPhenomenal (Frugal –n- Phenomenal). FNPhenomenal helps women to break the vicious cycle of making money, but not keeping it. FNPhenomenal provides education about money management, empowers women to take control of their lives, develop a healthier relationship with money, and pursue being phenomenal.

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