A Friendly Reminder: Save for Retirement Week

GRAND RAPIDS, Mich. - Oct. 23, 2014 - PRLog -- As busy as life gets, it's easy to forget things, even important things. Thanks to our phone alarms and our calendars, we can set reminders for ourselves. October brings another reminder on a very important topic – National Save for Retirement Week (Oct. 19-26), which prompts us to take action now so long-term goals can become reality.

For some, saving for retirement feels easier said than done because of competing priorities for your money. But here's the thing about priorities: What's at the bottom of your list today may be more important tomorrow.

If you've already started your retirement savings, keep it up. If not, now would be a great time to begin. Here are some things to remember about saving for retirement.

Time is on your side. Remember the turtle and the hare? With a slow, steady pace, the turtle accomplished his goal. It's the same with your retirement. Of course, investment performance is never guaranteed. But we believe disciplined saving with a long-term focus is the best strategy to work toward your retirement goals.

Your IRA may offer tax advantages. It's not what you earn but what you keep that matters. Some retirement investments offer tax advantages that allow you to keep more of what you earn. Your contributions to an IRA, for example, may be tax-deferred, meaning that you pay taxes at a future date instead of in the period in which they are incurred. Investments can grow unhindered by taxes, and withdrawal occurs during retirement when your income and tax bracket are lower than in higher earning years.

There are no loans for retirement. People often take out loans to pay for their homes and sometimes their education, and then pay them back over time. The loan option doesn't exist for living in retirement, so the best alternative is to take steps now toward a fully funded retirement.

An annual check-up is a good idea. The house, the car, the rainy day fund – they're all important. So is your retirement. It's important to review your financial strategy regularly to make sure your needs and goals for both today and tomorrow are prioritized as they should be and that you are on track to meet them.

When it comes to thinking about retirement – so far away – it can be hard to know where to start. The good news is that an Edward Jones financial advisor has the resources you need. Together, you can develop a solid retirement savings strategy that considers both today's needs and a comfortable retirement.