BOISE, Idaho (CBS2) — January is full of resolutions and goal-making. Google shows one of the most popular in 2024 is to focus on financial planning. Mountain America Credit Union has information on why retirement savings are crucial for that goal.
Chad Waddoups, MACU's vice president of Wealth Management, says, "It gives you that peace and confidence today that you'll be successful down the road. And we can relax a little more today, knowing our future is secure."
Waddoups says the New Year is a perfect time to set goals because of the motivation people get during this time. Waddoup says to take action when you feel a spurt of motivation and not let it fade.
He says this time of year is also when some people get more money.
"This time of year, you might get a bonus or a raise, and a key action when you feel that motivation would be don't even let that money hit your checking account," he says. "Save that in your 401k if you're fortunate enough to have one of those, or save it in a retirement plan. Just put it aside for your retirement savings."
Waddoups says saving for retirement early is crucial because time is an ally. He says the longer you have money in retirement savings, the longer it works for you, and the better the return is on your savings.
"There are very specific tax savings that come with retirement planning, so if you contribute to a 401k or to an IRA, those tax savings are amplified the more years you do them," he says.
He says no matter your age, now is a perfect time to start saving for retirement. Mountain America Credit Union has financial planners that help create plans fitting your future.
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