Here's What Saving Your Raise Could Do for Your Retirement Savings
Ask anyone who is getting a raise this year how they plan to put that money to use, and they'll probably have at least a few ideas. Spending at least some of it can feel like a well-deserved reward for your hard work, especially after dealing with high inflation over the past year. You may even plan to use your raise to help shore up your emergency fund and help budget for higher food prices. But if you don't need it to help pay your bills, you might consider putting a portion of it away for retirement.
It might be hard to lock away a few thousand dollars a year right now, but that money could turn into tens of thousands of dollars or more down the road with the right investments.
Image source: Getty Images.
Source Fool.com
