I can hear you saying… “I don’t have enough money to live today, so how can I think about saving for retirement?” Yes, that might be true, but look at it another way… you will get older and you will want to retire some day. If you don’t start now you’ll have to work the rest of your life.
If you work for a company that offers a 401K or 403B, take advantage of it. If your company offers you matching funds and you haven’t taken advantage of it, then you are turning down FREE money. As an added benefit, the money you contribute is tax free today, and any growth in your account is not taxed until you withdraw it.
Talk to your company benefits person and start an account as soon as possible. If you need to wait for open enrollment, mark that date in your calendar.
If you already have a retirement savings with your company, increase the amount you contribute so you’ll have more later when you really need it.