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For many consumers, retirement may seem like a lifetime away. But that does not mean you should put off planning for what your financial future might look like. Getting a head start now can help ensure that you are financially secure once you are ready to retire.

Experts suggest putting a portion of your monthly income aside and saving in your 20s and 30s can give you a greater payoff than if you start saving closer to retirement. Many also recommend putting a portion of your tax refund into savings, as well.

Automatic saving is another way to financially prepare you for retirement. If manually saving is too difficult to keep up with each month, doing it automatically might make it easier as you will not have to worry about remembering each month to set a fixed amount or percentage of your income aside. Instead, it will be distributed directly into your savings account.

Here are some other financial tips to consider if you are planning for retirement savings

  • Investing early allows you to ride the waves of the stock market over the course of your career. The longer you invest, the probability of seeing favorable returns may increase. It’s recommended to diversify your financial portfolio if you plan on investing.
  • Take advantage of retirement plans through your employer such as 401(k) plans. Employees can make regular contributions throughout their which can then accrue interest over time.

It is never too early to start planning and saving for your future. Besides committing more money to your future, you will give your investments and accounts more time to accumulate. No matter what your age is, however, developing smart spending habits and having a saving plan is always a good idea.

If you have additional questions, contact the Office of Consumer Affairs and Business Regulation by calling our Consumer Hotline at (617) 973-8787, or toll-free in MA at (888) 283-3757, Monday through Friday, from 9 am-4:30 pm. Follow the Office on Facebook and Twitter, @Mass_Consumer. The Baker-Polito Administration’s Office of Consumer Affairs and Business Regulation along with its five agencies work together to achieve two goals: to protect and empower consumers through advocacy and education, and to ensure a fair playing field for Massachusetts businesses. The Office also oversees the state’s Lemon Laws and Arbitration Program, Data Breach reporting, Home Improvement Contractor Programs and the MA Do Not Call Registry.

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