How to get a mortgage for your first investment property

Summary

When you are enrolled in an automatic savings program at work, you are 15 times more likely to save for retirement. The problem is that between 30-50% of private sector workers don’t have access to retirement savings at work. Kim Olson and Syga explore the new state-facilitated Individual Retirement Account that allows you to automatically save a chunk of your paycheck every month – before any money hits your bank account.

Kim Olson is a Senior Officer at The Pew Charitable Trusts where they try to change policies so that you can find it easier to save money.

  • (00:18) Who is Kim Olson?
  • (02:32) Changing policies so people can save more
  • (04:25) What is an IRA (Individual Retirement Account)?
  • (08:32) Why is it so hard to save for retirement?
  • (11:01) How to make saving for retirement easy
  • (12:28) Which states have state-facilitated IRAs?
  • (14:21) Can you just open an IRA yourself?
  • (16:49) Why is the government running retirement accounts?
  • (18:22) Which retirement accounts should you open?
  • (05:24) What is a state-facilitated IRA and what does it cost businesses?

3 things to remember:

  • You are 15 times more likely to save if you do it at work through your payroll deduction. Ask your employer if they offer this. If not, check if your state offers a state-facilitated IRA.
  • An IRA is an Individual Retirement Account offered through your employer. The problem is that lots of employers do not offer a retirement savings program. There is a new IRA program being offered in certain states that allows you to save money in an IRA automatically from your paycheck even if your employer doesn’t offer an employer-sponsored IRA.
  • Fees matter when you’re thinking about investing for your retirement. Look closely at the fees being charged on your retirement accounts (IRAs and 401Ks). Know what you are paying and find out how you can pay less.