Almost every single person in the world should have a retirement plan with money saved away. The earlier you start the better but it’s never too late. For new savers, it could be difficult to adjust to saving money every month and not seeing it in your personal savings account. There is tons of helpful information that investors and financial advisors can give you based on your job and earnings. Below are strategies to help those looking to start saving for retirement right now. 


Start Small

Although the personal finance industry is aimed towards individuals with wealth you should focus on your retirement plan to meet your needs. Yes, it’s difficult not to think that financiers rather deal with millionaires than someone who only has thousands of dollars to their name, but focus on starting small. Starting your retirement savings with any amount of money will help you create a good habit and process. A major key is to stay consistent with your savings to lead you into a great post-retirement life.


Selecting a Brokerage

Some brokers offer no minimum and no fee when you begin your savings. Opening an account with a larger brokerage firm will allow you to select from a wide variety of investment options and give you the most reasonably priced fees. Larger firms also offer services that smaller firms might charge you for or not offer at all. For example, many large firms offer you a personal investment advisor that will work directly with you and answer your questions at any time. It may take some time to find a good match but it will be worth it in the end. You don’t want to find yourself switching firms too often because that can reduce your retirement savings over time. 


Your First Investment

For most new savers your first investment will be in either ETFs or mutual funds. They both allow you to invest whatever amount you want in a very easy process. You can take $500 and buy small stakes of stocks which can lead to more positive returns and fewer losses. Over the years EFTs have become very popular as you can invest in categories and other indexes. When looking for a mutual fund be sure to look out for the fees and their past performance. Many financial advisors say that people should consider two or three EFTs to start out and then move over to mutual funds when they can invest more.