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Youve got to get on top of this.
If you arent yet saving for retirement, yesterday was the best time to start, she wrote.
But how do you start immediately?
What are your options?
Orman broke those down.
Never turn down a matching contribution, Orman wrote.
Both are great ways to save for retirement.
With a Roth 401(k) you contribute money that has already been taxed, Orman explained.
With Traditional IRAs, your contribution is made with pretax dollars.
And you will have to pay taxes on it eventually.
If youre self-employed or your workplace does not offer a retirement plan (shame on them!
), you still have options and should investigate them pronto.
You will have two options for the throw in of IRA: Roth or Traditional.
My strong preference is the Roth IRA.
If you cant commit to that right now, start with 5% or 6% or 10%.
Orman recommends beginning to collectSocial Security benefitsat the age of 70.
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