BUSINESS + ECONOMY

401K planning: When is a good time to start thinking about retirement?

Sep 18, 2021, 3:09 PM | Updated: Sep 20, 2021, 8:33 pm

prepare for retirement...

The amount of money experts say Americans should have saved for retirement has gone up. (Getty Images)

(Getty Images)

SALT LAKE CITY — There is an old adage that says there is no time better than the present. That is especially true when you are thinking about finances, and what the future may hold in terms of 401K planning.

So the obvious question is when is a good time to start thinking about a 401K for your retirement?

When to start planning

According to a blog on yourretirmentreality.com the time to plan for retirement has already passed for most people. It says people should be thinking ahead to the future as soon as they land their first job.

However, the blog says it’s never too early late to start planning for the future.

The blog also says, people who can start saving money for retirement, sooner rather than later, will be better off in the long run. The longer people can save, the more money they will have when they need it, the blog pointed out.

In addition to 401k, planning, the blogs also says there are other ways to save for retirement. These ways include: traditional savings and investment accounts, annuities and CDs.

There are lots of ways to save. The blogs says the key is to start planning now.

Tips to good 401K planning

The website www.securian.com provides a few pointers to keep in mind when deciding on how much to contribute in a 401K.

  • People should try to contribute what the employer will match.
  • The contribution should be increased by 1% each year.
  • Individuals should be contributing 15% of their salary by the time they reach the age of 40.
  • At age 50, people should check to see if they are on track to where they want to be.
  • Make the most of the last 10 working years.

Read more:

 

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Business + Economy

Almost half of working Americans say they feel good about their finances, for now. They're feeling ...

Alexandrea Bonilla

Working Americans are worried about their future finances

Almost half of working Americans say they feel good about their finances, for now. They're feeling unsure about the future.

3 days ago

A newly implemented city regulation in Washington DC is making the city and childcare even more exp...

Devin Oldroyd

New law raises Washington DC childcare cost and affects childcare staff

A newly implemented city regulation in Washington DC is making the city and childcare even more expensive and unsustainable for families.

4 days ago

Financial technology, or FinTech is a new minor offered at the University of Utah. This year, they ...

Josuee Sanchez

Graduates from U’s FinTech program join a popular, growing field

FinTech grads will fill roles in businesses that include digital banking, blockchain technology, and artificial intelligence.

4 days ago

housing in rural utah...

Heather Peterson

New report explores similarities and differences in rural and urban Utahns

Researchers analyzed Census data, which showed that people in Utah’s urban and rural communities shared surprising similarities.

4 days ago

a utah child care provider and several children...

Amanda Dickson

Dickson: A look inside the child care crisis

You've heard about the child care crisis in Utah. Parents can't afford child care. Child care workers can't afford to live on what they make.

5 days ago

Rural wildlife firefighters, "Hot Shots"...

Michael Camit

Utah is struggling to retain its rural ‘Hotshots’

Filling jobs of rural wildlife firefighters can be difficult due to the cost of living according to the Utah Division of Forestry, Fires and State Lands.

8 days ago

Sponsored Articles

a doctor putting her hand on the chest of her patient...

Intermountain Health

Intermountain nurse-midwives launch new gynecology access clinic

An access clinic launched by Intermountain nurse-midwives provides women with comprehensive gynecology care.

Young couple hugging while a realtor in a suit hands them keys in a new home...

Utah Association of Realtors

Buying a home this spring? Avoid these 5 costly pitfalls

By avoiding these pitfalls when buying a home this spring, you can ensure your investment will be long-lasting and secure.

a person dressed up as a nordic viking in a dragon boat resembling the bear lake monster...

Bear Lake Convention and Visitors Bureau

The Legend of the Bear Lake Monster

The Bear Lake monster has captivated people in the region for centuries, with tales that range from the believable to the bizarre.

...

Live Nation Concerts

All the artists coming to Utah First Credit Union Amphitheatre (formerly USANA Amp) this summer

Summer concerts are more than just entertainment; they’re a celebration of life, love, and connection.

Mother and cute toddler child in a little fancy wooden cottage, reading a book, drinking tea and en...

Visit Bear Lake

How to find the best winter lodging in Bear Lake, Utah

Winter lodging in Bear Lake can be more limited than in the summer, but with some careful planning you can easily book your next winter trip.

Happy family in winter clothing at the ski resort, winter time, watching at mountains in front of t...

Visit Bear Lake

Ski more for less: Affordable ski resorts near Bear Lake, Utah

Plan your perfect ski getaway in Bear Lake this winter, with pristine slopes, affordable tickets, and breathtaking scenery.

401K planning: When is a good time to start thinking about retirement?