It's never too soon to start saving for your retirement. To get the most out of your retirement savings you'll want to start planning and saving at an early age. As Americans continue to live longer, it is important to prioritize saving for retirement throughout your life. For those born in 2019, women live approximately to 81 years and men to 76 years, according to the most recent estimate by the U.S. Bureau of Labor Statistics.
If you are starting your retirement savings early, you can afford to be aggressive and put money into riskier funds. If your funds lose value, you will still have time to grow them. It's important to plan where you want to be and how you're going to get there. Start deciding on your strategy by familiarizing yourself with options for retirement:
- 401(k) Plans
- Individual Retirement Accounts (IRA)
- Health Savings Accounts (HSA)