Mark Berg was recently interviewed by Emily Brandon for a US News & World Report article on the first steps of good retirement planning for new graduates as they become employees.
Start Early. Money you tuck away for retirement in your 20s has decades to compound. Make savings automatic, beginning with your first paycheck, and try to ramp up your contributions whenever you get a raise.
“Our goal for new employees just getting into the work force is we want to get them to save 10% of their gross wages as soon as possible,” says Mark Berg, a certified financial planner and the president of Timothy Financial Counsel in Wheaton, Ill. Those who can’t afford 10% right away can start smaller. “We try to target 4% to 5% initially and then as they get raises, we’ll add a percent or two to the amount they are putting in,” says Berg.
See US News & World Report for the full article “How to Set Up Your First 401(k)” or visit these other media sources who also picked up the article: Money Magazine or msn.com.