Financial Matters: Save for the future

PORTSMOUTH, Va. (WVBT) - It's hard to even think about saving money when so many of us are just getting by paycheck to paycheck.

But, if you start today, a little saving now could mean a big payout later!

Joining us today -- Margaret Taylor, Registered Sales Assistant of BayPort Financial, to share some examples of how you can save today for a wealthier tomorrow.

Q: What are the first steps for saving for ones retirement?

Budget/do not overspend
Contribute to employer sponsor plan
Contribute up to what they match if they match
Look for outside retirement plans

Q: What if you are young and starting your first job?

Get out of Debit
Take control of your finances
Budget
Don't think of your MasterCard as your emergency fund
Start a plan that can build over the span of your career

Q: Suppose you are a stay-at-home mom that does not receive an income?

Within your budget, plan a retirement strategy
Your spouse can contribute up to $5,000 annually in an IRA

Q: What about the individual who would love to retire early, before their company retirement plan or social security starts paying?

That is where prior planning plays an important role
Think debt free living -- do you have a mortgage payment, what about a car payment?
Be sure to have funds to draw from during that time frame prior to receiving your retirement funding, such as IRAs, CDs and savings.

Q: Is there a secret formula for knowing how much one needs to save for retirement?

Each individual is different
The key is to plan properly
Have savings out side of retirement

For more information, head over to www.bayportcu.org or stop in for free consultation at BayPort Financial.