Information from the Washington State Department of Financial Institutions

Saving for Retirement: Getting Started

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To make sure you meet your retirement savings goals, start planning today. Here are some ways you can start.

Start Early

The best day to start saving for retirement is today, even if you can save only a little bit. The reason for this is the longer your money is invested, the more you will earn thanks to compound interest.

Compound interest occurs when the interest earned on your investment is re-invested and earns interest. By earning interest on interest, your retirement savings has the potential to snowball over time.

Take Advantage of Your Employer's Retirement Plan

If your employer has a retirement or pension plan, learn more about how it works. Read everything possible about the plan and talk to your employer's benefits officer. Many employer plans offer contribution matches. Be sure to take advantage of this. Learn more about retirement savings accounts. 

Utilize Tax Benefits of IRAs

IRAs are easy to get, easy to contribute to and easy to save with. Most Americans can set up an IRA - whether it's a traditional IRA or a Roth IRA - and save on taxes. Find out more about IRAs from your bank or financial institution.

Work With A Financial Planner

Planning for retirement can be daunting. Consider working with a certified financial planner to develop a retirement plan that works for you. Be sure to ask the certified financial planner about costs and fees up front.