1. Save to avoid a retirement emergency
Whether you’re riding high or barely making it, you should be saving for retirement.
Maybe you’re one of those unemployed or underemployed folks and have been for years. Or perhaps you’re part of the “sandwich generation,” someone who’s providing physical and financial support to both your kids and your parents.
Fail to plan now, though, and you might find yourself scrambling to fund your retirement in your 50s and 60s.
Ideally, you would have been saving for years and years. If not, enroll right now in any company retirement plan at work. Then save at least enough money in the account to get your employer’s entire matching contribution — that’s free money.
If there’s no match or even a company plan, start your own individual retirement account (IRA) with a company like Vanguard Group or Fidelity Investments. The nuts and bolts of the most common retirement accounts can be found in “Confused by Retirement Accounts? Roth, Regular IRAs and 401(k)s Made Simple.”