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 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.

Read more:


We want to hear from you.

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

Business + Economy

Lake Powell as seen from Navajo Mountain. The Navajo Nation is asking why their request for funding...

Eric Cabrera

Navajo Nation left wondering why funding continually denied

The Navajo Nation is asking why their request for funding for a road has been denied for the last 15 years.

2 days ago

Now hiring sign...

PAUL WISEMAN AP Economics Writer

US economy grew solid 3.2% in fourth quarter, a slight downgrade from government’s initial estimate

Far from stumbling, the economy grew 2.5% for all of 2023, topping the 1.9% growth in 2022.

2 days ago

baby feet, utah postpartum retreat helps new moms...

Britt Johnson

Utah company aims to help postpartum moms with special retreats

The founder of Utah Postpartum Retreat said she thinks new moms are at high risk for developing postpartum mood disorders because they lack support.

2 days ago

Power lines are pictured in utah, utah has lower electricity bill than other states...

Tammy Kikuchi

Study shows Utahns pay cheapest electricity bills in the country

Utah residents are paying less for power than any other state. Rocky Mountain Power says they work hard to keep it that way.

2 days ago

Welcome to Tooele sign is pictured on Saturday, Oct. 10, 2020.A Child was taken to a nearby Hospita...

Britt Johnson

Tooele Valley Airport to get some major updates

A new master plan for the Tooele Valley Airport will be shared with the public this week.

2 days ago

FILE - President Joe Biden speaks on student loan debt forgiveness, in the Roosevelt Room of the Wh...


Biden says too many Americans are saddled with school debt as he cancels federal loans for 153,000

The first round of forgiveness from the SAVE plan will clear will help with $1.2 billion in student loans.

3 days ago

Sponsored Articles

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.

front of the Butch Cassidy museum with a man in a cowboy hat standing in the doorway...

Bear Lake Convention and Visitors Bureau

Looking Back: The History of Bear Lake

The history of Bear Lake is full of fascinating stories. At over 250,000 years old, the lake has seen generations of people visit its shores.

silhouette of a family looking over a lake with a bird in the top corner flying...

Bear Lake Convention and Visitors Bureau

8 Fun Activities To Do in Bear Lake Without Getting in the Water

Bear Lake offers plenty of activities for the whole family to enjoy without having to get in the water. Catch 8 of our favorite activities.

Wellsville Mountains in the spring with a pond in the foreground...

Wasatch Property Management

Advantages of Renting Over Owning a Home

Renting allows you to enjoy luxury amenities and low maintenance without the long-term commitment and responsibilities of owning a home.

Clouds over a red rock vista in Hurricane, Utah...

Wasatch Property Management

Why Southern Utah is a Retirement Paradise

Retirement in southern Utah offers plenty of cultural and recreational opportunities. Find out all that this region has to offer.

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