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It is so easy to lose hope in a future day when your financial situation will allow you to retire. More often than not this attitude is generated from a hopeless and dormant approach to saving money.

No matter how small, any saving adds up. So often people become bogged down by thinking “I can’t save; I don’t have enough left over at the end of the month.” The key to saving is the continuous effort to put any amount away on a consistent basis. It is nearly always possible to save at least some money no matter how little you make and no matter how high your expenses may seem. In fact, early on in life you might only be able to set aside an insignificant amount each month. However, you must remember in the early stages the important thing is to develop the habit of saving. Creating the habit early will force you to have some sort of saving system set up for when the big bucks start rolling in.

Investment considerations
Once you have developed some sort of system to set money aside each month, the next step is to consider which investment vehicles are going to take you to your retirement goals. For years financial experts used the analogy of a three-legged stool to demonstrate the primary sources of retirement income: company pensions, Social Security, and personal savings. Together, the legs represented a stable source of income. Not anymore! With 78 million Baby Boomers nearing retirement, massive pressure lands squarely on the shoulders of the Social Security system weakening if not eliminating one of the proverbial legs. In addition, a second leg is weakened since employer-sponsored pensions are an endangered employee benefit.

These trends in what were once viable retirement resources are indicating that it is up to YOU to fund your own retirement! Some of the investment vehicles where you might consider holding your retirement savings are as follows:

  • Mutual funds
  • Index funds
  • Life Insurance policy
  • Bonds
  • Stocks
  • Futures
  • Call Stock Options
  • Put Stock Options
  • Real Estate

Additional Investment Advise
Always participate in a company sponsored employer matching 401(k) plan to take advantage of the instant return on your invested dollars (instant return on investment comes from the employer matching contribution). If you are unable or ineligible to participate in a 401(k) plan, set up your investments in an traditional IRA or Roth IRA to take advantage of the tax breaks associated with these two qualified retirement plans.