One secret to building financial security is to regularly pay yourself first. Instead of paying your bills and then trying to save what is left over, set money aside before you pay your bills. This way you can develop a budget around saving, and not the other way around.
Automatic payments to an IRA, such as payroll deducted contributions or automatic contributions from your checking or savings account, not only help build your savings but also make it more affordable because you are budgeting for smaller, regular amounts.
If you already have an IRA, consider giving yourself a raise. If maxing out contributions is not realistic for you right now, remember: With compound interest, even a small amount invested today can grow to a large sum by retirement. Learn more about contribution limits.
Don’t forget your family can also save with an IRA from Member Benefits! Have them give us a call at 1-800-279-4030 to enroll.
Your spouse or domestic partner, children, parents, parents-in-law, and in some cases, your grandchildren may be eligible to participate in the WEA Member Benefits IRA program. To be eligible for this program, you must meet the IRS eligibility requirements for contributing to an IRA. Restrictions may apply. Wisconsin residency required.