How Do You Start A 401K Plan With No Retirement Savings Over 40?
The big 4-0 has come and gone and you realize that you need to start thinking about saving for retirement. In fact, you may be realizing that you should have started this years ago. Retirement calculators make saving enough money to live off of in retirement at your age an almost impossible task. Don’t let this deter you. Everything you do from here on it will help you. The IRS has also set some rules that benefit older individuals trying to catch up in saving for retirement. Set a plan and stick to it to reach your retirement goals. Start with your company 401(k) plan. Contact your employer’s human resources department. Ask whether a 401(k) plan is offered to employees, what the qualifications are to enroll and request an enrollment package. Review the package thoroughly. Understanding what you are allowed to contribute and how your employer may give you free money for contributing is a good place to create your budget and contribution plan. Many employers will match your contribution
