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
Photo: Getty Images...
Photo: 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 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 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.

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