If you are working, saving for retirement can easily be done through payroll deductions.

• If your employer offers a Retirement Savings Plan, such as a 401k, contribute as much as you can, especially if your employer is matching your contribution
• If your employer offers a Pension Plan, find out about your coverage and what benefits you will receive under the plan

People are living longer than before. This means that if you are planning on retiring at age 65, you be living in retirement for another 20-30 years. You need to make sure you have the funds to support yourself and your family during that time.

If you decide to set up a Retirement Savings Plan, make sure to not withdraw money from the plan early unless it is an extenuating circumstance. The reason is that an early withdrawal creates the following:

• The money withdrawn is penalized
• You will most likely owe income tax on the money withdrawn
• Reducing the amount of money you have growing for retirement years will jeopardize your future financial security

Even if planning for your retirement seems like a big step, it is not too early to learn money saving tips. Make sure to do the following to start your savings before you invest in a Retirement Savings Plan:

• Apply for scholarships while in school
• If you are still in high school, take as many AP classes as you can
  • AP classes can equate to college level courses, so taking free AP classes in high school means paying for less classes in college
• Get a job while in school, such as Federal Work Study during the school term, a full-time Summer job if not taking Summer classes, or a part-time off-campus job while in school
  • You will not only be saving money for school, but also gathering work experience for your resume