Episode: 263

Episode Title: Paying the Future You

Saving for retirement seems like a distant goal when you’re just starting your career, but there’s no better moment to start. Here’s why, coming up next on The Perna Syndicate.

Ep 263 show:

Welcome—you are now in The Perna Syndicate! Money is our topic this week, and it’s one that many young people need to know more about. 

The day that you start your first full-time job, you’re usually not thinking about the day you’ll retire. But that’s exactly what young workers should think about as they launch their careers. Retirement may seem far away—and for new workers, it is. Decades and decades away. But the sooner you start saving, the better off you’ll be in the long run. 

Most employers offer something called a retirement match, where the company adds the same amount of money to your retirement account that you do. You might have to contribute a higher percentage of your pay to qualify for the match, but it’s worth it. 

It can help to think of retirement contributions as money you’re paying your future self. Just like taxes, retirement contributions come out of your paycheck before it lands in your account. But unlike taxes, your retirement contribution still belongs to you. Just not for use right now.  

Free money in the form of a retirement match from your employer is a great reason to start thinking long-term. Whatever point you’re at in your career, it’s never too early or too late to contribute as much as possible to your retirement fund and take advantage of the company match. 

Your future self will thank you.

Tomorrow: we’ve talked about the burden of college debt that many young people bear, but what about the consumer debt? Yep—credit cards. We’re going there on tomorrow’s episode of The Perna Syndicate. See you then!