What’s on the Menu for Your Future Savings?

Restaurant menuSaving for the future can be a lot like planning a summer barbecue. The steps you take to prepare in advance can make a big difference in the results.

Create your menu. Choose your large and small savings goals, just like you’d decide on side dishes and a main course. Your major goal may be to save for retirement, but you may also have smaller goals, too, such as saving for a house down payment, a car or vacation.

Gather your ingredients. Figure out what you’ll need to reach your goals. Make the most of tax-advantaged savings options, such as your 457 plan or IRA. Depending on your income, you may get an extra tax break from the retirement savers’ tax credit; see www.icmarc.org/saverscredit. Use our Small Change, Big Savings calculator (www.icmarc.org/smallchange) to find out how cutting back on a few everyday expenses and investing the extra money for retirement can make a big difference over the long run.

Check on your progress. Just as you would check on dinner while it’s cooking, you can use our retirement savings calculator to see if you’re on track to reach your goals. You may need to save more or adjust your time frame or investments – like adjusting the heat or spices. Check out our Savings Boost calculator (www.icmarc.org/savingsboost) to see how much increasing your contributions, even by a little, can make a big difference over the long run.

Enjoy your meal. Planning for retirement – like tending to a good barbecue – can take a while, but your focus and patience can pay off when you finally reach the goal you’ve been working toward.

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