GOOD

Financial Fitness Task 26: Set up a Work-Sponsored Retirement Plan #30DaysofGOOD

Do you want to work full-time until you die? Didn't think so.


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Things are easier said than done, or so the old adage goes, and we couldn't agree more. That's why we do The GOOD 30-Day Challenge (#30DaysofGOOD), a monthly attempt to live better. Our challenge for January? Financial fitness.

Set up a work-sponsored retirement plan.

Do you want to work full-time until you die? Didn't think so. Then you need to start saving for retirement immediately. Many companies include retirement plans as part of their standard benefits packages. If you don't know whether your company offers this option, find out today.

If your company does offer a 401(k) option, it probably matches a certain percentage of your contributions. This means that if you do not participate in the employer-sponsored plan, you are literally giving up free money. Don't give up free money.

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Setting up a 401(k) account is a little tricky, but not nearly as terrifying as it sounds. Your office's human resources representative can help you do it. If all else fails, ask a coworker for help. The best part of a 401(k) (ok, the second-best part after that whole FREE MONEY thing) is getting your monthly statements. They're like the opposite of those pesky credit card bills—each month, the account grows as you put away more and more money for your future life of leisure.
Come back tomorrow for the next task in our financial fitness challenge.
Vote here on your favorite financial fitness project. The submission with the most votes wins $500.\n
Photo via (cc) Flickr user inalaf\n
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