How To Start Saving For Your Retirement

A simple four-step plan to help you plan for your future.

1. Understand how you are spending your income now.

You can start by writing down everything that you spend money on for a couple of months. Then, fill out WISER’s budget worksheet, adding up your expenses for an average month.

Once you have figured out how you are spending your money you can start to look for ways to increase your savings.


2. Make a plan to save a certain amount each month.

It is important to start investing as soon as you can, so that your money can start to grow. WISER’s Fact Sheet Investing Early Pays Off shows how money invested early can have a big return at retirement.

Set goals for saving. Don’t put it off. Make a plan and put it into action.


3. Participate in your pension plan at work.

This is your best retirement option. If your employer will match your contribution in a 401(k) or other savings plan, this is an easy, automatic return on your investment.

WISER has a number of publications on pension plans for more information.


4. Reduce your credit card debt.

Sometimes, your best investment is to pay off credit cards and any high interest loans or debts.

The Institute of Consumer Financial Education can help you reduce your credit card debt. See, write P.O. Box 34070, San Diego, CA 92163 or call 619-239-1401.

CardTrak can help you find the best credit card: You can find information for free on their website at

Look for low-rate and no annual fee credit cards. You can get a list of credit cards, interest rates and fees at:  Use WISER’s Credit Card Worksheet to keep track of your credit card expenses.


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