Compound interest is the key to building a solid retirement plan and investing money now allows that interest to have a greater impact on your investment over time.
InvestigateTV - , said if you get a raise or a bonus, increase your retirement contributions.
Joyce suggested that if it’s a 3% raise, increase your 401K contributions by 1% so you never miss that extra money in your paycheck. “One of my favorite things is look at your 401K contributions or 403b contributions and if you’re not maxing out on that, just try to give 1% more,” Joyce said. “And then if that doesn’t hurt too much, then maybe increase another percent.”Hist strategy: increase your contributions until it hurts. If you think you are at your threshold, add another percent and see if you really are. You can always contribute less if you find you need the money in your paycheck now.
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