Sign up for our FREE Monthly Email Newsletter
In addition to keeping in the financial know, you may be interested in checking your credit score and report.
¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.
²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.
³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.
4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.
Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.
A comprehensive strategy based on professional advice is an important part of planning for retirement. Don’t rely solely on your company’s retirement plan and the fading promise of Social Security. You have to take charge and carefully craft a plan that fits your retirement needs and financial goals. It is never too early or too late to start building your retirement savings —the point is to just get started.
As you create a plan, remember that you need your retirement savings to take care of you for at least 30 years after you retire. The key to successful retirement plan growth is diversity. With that in mind, here are five strategies that will help you achieve the ideal retirement plan:
1. Get started now, and don’t be afraid to be aggressive. Stop telling yourself that you will eventually start saving for retirement. Start saving now. According to CNN Money, you will need 70 percent of your annual salary to live comfortably during your retirement years. A more accurate number is probably 100 percent if you plan to enjoy your retirement instead of just staying home. If your retirement is 20 or 30 years away, you can be more aggressive at first and adjust your exposure over time.
2. Contribute to a 401(k). If your company offers a 401(k), get started with it as soon as you are eligible. You should make sure your contributions are sufficient enough that you get the full benefit of any matching programs offered by your employer. Contribute as much as you can through automatic deductions from your paycheck. That way, you can avoid missing a contribution or spending the money before it makes it to the 401(k).
3. Consider an IRA. In addition to a 401(k), you can open an individual retirement account (IRA). An IRA is an account that you control (as opposed to your employer), and it can enhance your retirement savings. When you are considering your IRA options, take a look at no-load mutual funds that don’t chip away at your returns. Contribute to your IRA until you can convert it to a Roth IRA.
4. Infuse your portfolio with bonds. If you purchase bonds from a healthy company, you will get your interest and principle when the bond matures.
5. Put the rest of your money into a taxable account. The 401(k) and IRA are non-taxable accounts, but it is a good idea to also put some of your money into taxable accounts, such as high interest savings accounts, money markets, and CDs. Ladder short-term CDs so you aren’t stuck with the same interest rate for a long period of time if rates start to grow. Your CDs will renew at different times, allowing you to find CDs with better interest rates.
With some sound advice from a professional and a little self-discipline, you can build your retirement savings and enjoy your golden years to the fullest.
The information contained in this blog post is designed to generally educate and inform visitors to the Equifax Finance Blog. The blog posts do not give, and should not be assumed to provide, personalized tax, investment, real estate, legal, retirement, credit, personal financial, or other professional advice. Before making any financial decision, you should always consult with the appropriate professionals who can explain your options, rights, and legal responsibilities, and advise you on any tax, legal, credit, or business implications that may result from those decisions. The views and opinions expressed by the authors of blog posts are their own views and may not be the views or opinions of Equifax, Inc. and/or its affiliates.
Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.