Finding it hard to save for retirement? Are you just making ends meet and can't afford to put more aside? I am in the same boat. I live paycheck to paycheck and hardly get by on what I make. So, when I received an email from my investment company, DWS Investments, that I thought I would share it with you.
PLEASE NOTE: Keep in mind that I am NOT a financial adviser NOR am I giving financial advice. I am simply providing you with an example that may or may not be fitting for your individual situation. It's just another creative way to help save for your retirement fund without causing you extra strain or take away from your current take home pay.
As you all are well aware, we are all in the midst of tax season and tax breaks can work to our advantage. According to DWS Investments, the bill that was passed by Congress in the end of 2010, gives Americans a 2% reduction on the deduction of Social Security from their paychecks for one year. Let's do the math:
Annual Salary: $35,000
Age: 35
2% of your annual salary is $700
That's $700 that you didn't have last year because it was being taken out for the Social Security deduction. That may not seem like a lot of money, but if invested properly it could be. If you are intimidated by finances, go to their resource center on their website for more information.
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