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| Save now – You’ll probably need more for retirement than you realize |
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A secure financial future is one where you are in control of your finances and your life. When you are no longer working, money could come from a range of sources – government benefits like Social Security and Medicare, company pensions, an inheritance, even your kids. But mostly it’s going to come from you – the money you have saved before retirement.
It doesn’t matter when you start to save – just start. If you have already started saving, save more. It’s true that starting when you’re young is a gift to yourself – because compound interest can be like magic. Because your investment returns earn interest as well, starting young usually means you can save less of your own money and wind up with more than if you had waited.
But most of us don’t start to save as young as we should or could. However, that doesn’t mean that it’s too late to take advantage of the Alcoa Savings Plan.
When your thoughts finally do turn to saving and investing for your future, it can seem intimidating. How much to save? Where to invest it? So let’s start at the beginning – figuring out what you’ll need.
 Step 1: Retirement Expenses
Step 2: Retirement Income
Step 3: Your Savings Gap
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