TessMore Finance Blog

If you’re wondering what some of the best ways to save for retirement are, you’ve come to the right place. So far in our retirement series, we’ve discussed how much money you need to retire and how much you should save from your paycheck for retirement. In Chapter 3, we went over how to make a budget for retirement, but now we’ll be talking about the best way to save money for retirement so you can meet that budget. Saving for retirement is one of those things that everyone knows that they need to do, but many people aren’t sure how or when to start. If that sounds like you, here are three different ways that you can get started on your retirement savings. So no matter where you are on your journey towards retirement, take a look at these actionable steps to help you take one more step along that road. Best Ways to Start a Retirement Fund Tips of Saving For Retirement Key Takeaways: Best Ways to Save for Retirement Best Ways to Start a Retirement Fund Below, we’ll be talking...

Since its inception in 1978, the 401k plan has grown to be the most popular type of employer sponsored retirement plan in America. Millions of workers depend on the money that they have saved in this plan to provide for their retirement years, and many employers use their 401k plans as a means of distributing company stock to employees. Few other plans can match the relative flexibility that 401ks offer. In recent years, several variations of this plan have emerged, such as the SIMPLE 401k and the safe-harbor 401k. But what is a 401k? And why is it important to have one? We’ll be answering those questions, and more, below. So far in our retirement series, we’ve gone over a lot of the basics of retirement, like how much you’ll need to retire , how much out of your paycheck you should put away for retirement, how to make a retirement budget , and more. But in Chapter 5, we’ll answer the question of “what is a 401k plan” and show you how it helps millions of people prepare for retir...

If you’re looking to get tax benefits on your retirement savings, an IRA and 401k are both potentially beneficial choices as you won’t pay taxes on your investment growth. The main difference between an IRA vs. 401k is that a 401k must be set up by an employer and is a pre-tax investment, whereas an IRA is set up by an individual with after-tax dollars. In the previous chapters of our retirement series, we covered the basics of how to save for retirement, like how much you need saved, how much you should save from each paycheck , how to make a retirement budget , and what a 401k is. But in Chapter 6, we’ll be going over the difference between IRA and 401k and how to choose which is best for you. When it comes to saving for retirement, smart financial planning is a must. Below, we’ll walk you through how IRAs and 401ks work, plus the pros and cons of each. Is an IRA a 401k? IRAs 401ks Comparing IRAs and 401ks Can You Combine a 401k and IRA? Key Takeaways: Differences Between ...

Investing in your retirement early is one significant way to help ensure financial stability as you age, especially when it comes to understanding various retirement options. Getting started may feel overwhelming—luckily we’re here to help. To help you better understand your retirement plan, we’re breaking down the difference between 401(k) and 403(b) accounts, and how they can impact your financial life. In chapter 7, we’ll be going over the similarities and differences between 401(k) and 403b, how each works, and various other ways you can grow your retirement savings. The main difference between a 401(k) and a 403(b) is the company who’s offering them. 401(k) accounts are offered by for-profit companies and 403(b) accounts are offered by nonprofit, scientific, religious, research, or university companies. You may already know the value in adjusting your budget to make saving for a rainy day a priority. But are you also prioritizing your retirement savings? If you’re just getting...

You’ve always heard it’s important to save as much as you can, but what does that really mean? Realistically speaking, saving can be hard once your paycheck hits your bank account. Bills, necessities, and extra wants may slowly diminish your hard-earned check. If you struggle with paying into your savings first, you’re not alone. It turns out, many Americans live paycheck to paycheck, and 65 percent don’t know how much they spend on a monthly basis. With considerations like these in mind, how much of your paycheck should you save? In the first chapter of our retirement savings series, we discussed how much you need to retire and how to save for retirement , but now we’ll be going over how much of your paycheck to save. If you want to have a solid retirement fund, it’s important to start saving as soon as possible. Creating a financial plan that details how much of your check you should save each month will help you better prepare for retirement. To find your ideal savings goal so...

Golden years require some gold. Are you saving for retirement? You should be, even if your golden years are more than half your lifetime away. The sooner you begin, the less you’ll need to save each month. Too many people have no idea how much they’ll need to live comfortably through retirement. According to the 20th Annual Transamerica Retirement Survey , only 27 percent of workers have a written financial strategy for retirement. It’s never too late to start saving, and it’s also never too early. But you’ll need a budget to show how far you’ve come and where you’re headed. Learning how to start saving for retirement is important for everyone. There are plenty of ways you can save for retirement—401(k) accounts, IRA accounts, savings accounts, and so forth. In Chapter 3 of our retirement series, we’ll go over how to save for retirement, the best way to save for retirement, when to start saving for retirement, and more. You can use the list below to jump to a section you’re curious...