saving for retirement
Saving for retirement involves setting aside money during your working years to ensure financial stability when you stop working. This can be done through various methods, such as 401(k) plans, IRAs, or personal savings accounts. The earlier you start saving, the more time your money has to grow through compound interest.
It's important to determine how much money you'll need for retirement based on your lifestyle and expenses. Many financial experts recommend saving at least 15% of your income. Regular contributions and smart investment choices can help you build a comfortable nest egg for your future.