For some of you, retirement may seem so far off. Consider yourself lucky because in that case, time is on your side to start saving, and many of you may be doing just that with an employer-sponsored retirement account.
But what if your workplace doesn't offer one?
Dave Nellis with America First Credit Union advises not to panic because you don't need an employer to set up your own future savings.
"Not everybody works for an employer who sponsors or supports a 401K, so that's where the IRA makes up that difference for the general consumer to say, 'Hey, I still want to have some money for retirement,' so the individual retirement account fulfills that need."
There are numerous institutions that can open an IRA, individual retirement savings, in your name, so you can start contributing.
Something to note, there are caps on how much you can put into those IRA accounts per year. In 2025, you are able to invest $7,000 for the year into an IRA, but if you are over the age of 50 and may be trying to do a little catch-up up you can deposit an additional $1,000 into the account per year.
Over time, the money you stash away really starts to add up to use it later in life when you may no longer be receiving a paycheck.
Like so many money matters, IRAs can be complex, and it is always recommended to talk with a financial advisor to strategize the best ways for you and your circumstances to save smarter.
