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Saving For Retirement

Hard work is in the DNA of every human being. Since the dawn of time, our species has never feared a little bit of hard work, and for centuries, there was never really a time where one could relax in old age. Now, however, living in a different period, with completely different circumstances, we are able to work hard for a few years of our lives, and peacefully go into retirement. It is a luxury that our ancestors could not afford. But what exactly goes into retirement? How and when do you even begin? Hopefully, this article will help answer those questions.

When Should You Start Saving?

Now! A common misconception of retirement is that one must begin saving later in life. This couldn’t be further from the truth. Begin saving now! According to an article from, a 25-year-old who invests $25 a month, through the power of interest and time, will have an incredible amount of assets by the age of 65. If you wait too late to save, you may not have enough money to be able to rely on in your later years.

Take Advantage of Your 401(k)

You’ve heard the term before dozens of times, but you aren’t exactly sure what it is. 401(k). You know that you should know about it, and yet you don’t really take the time to do some research. Do yourself a favor and look into it! Put simply, a 401(k) is a retirement savings plan that is sponsored by an employer. A certain amount of money from your paycheck is taken and put inside of the account. If your employer offers a 401(k), take advantage of it! You may benefit not only from tax-deferred compound interest but also employer matching payments. If you are unsure, definitely conduct research (or call the Opes Group), and learn the intricacies of its inner workings so that you may be financially stable in your retirement.

Invest in an IRA

This is another term that gets thrown around a lot that can be just as confusing as a 401(k). IRAs, also known as Individual Retirement Accounts, are incredibly helpful when you are looking to hang up your hat and enjoy life after work. While the world of IRAs can be quite complicated, there are two basic versions: standard IRAs and Roth IRAs. The former allows your contributions to the account to be tax deductible, and once you are retired, the money you withdraw can then be taxed; the latter does not allow for any tax deductions for contributions, however, any money that is withdrawn from the account during retirement is completely tax free. While there are some minor details regarding both types of accounts that I did not mention, that is the basic gist. It is really up to you how you would like to utilize the account. Where can you go to get one? Banks and brokerages typically offer them.

Saving for retirement is not always easy, and it can be confusing. But starting early, thoroughly looking at all of your options, and asking for advice, help and information are the best ways to get started. Although it may not seem worth it now, saving earlier pays off in the end. Good luck and call us at Opes if you need help!


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