A Lifetime of Investing: How to Invest for Retirement

Just out of college or just starting your career, now’s the time to start saving for retirement.

You’re just out of college or you’re in the early years of your career. How do you begin to pursue your financial goals at a time when you may have limited income and a variety of expenses to cope with? It may not be as difficult as it sounds if you take advantage of Discover’s flexible, high-interest accounts and a few time-tested strategies.

  • Buy and Hold for the Long Term — Some of your largest financial goals — retirement, for example — are decades away. With that kind of time horizon, you may not need to worry too much about day-to-day fluctuations in the value of your investments. You can potentially afford to ride short-term volatility out and stay focused on the long-term performance of your investments. Keep in mind, if you try to “time” the market, or make decisions based on short-term developments, you could guess wrong and miss out on market upturns. Discover’s Individual Retirement Account CDs offer guaranteed returns as well as flexible terms ranging from 3 months to 10 years. And when your term is up, it’s easy to renew.

A young woman runs along the water at sunset

It’s also a good idea to set aside money on a regular basis in a savings account, so you can pay unexpected expenses without having to dip into your retirement accounts. With a Discover Online Savings Account, that’s easy to do.

  • Take Advantage of Compounding — Even if you invest a relatively small amount on a regular basis, you may still be able to pursue large goals over time thanks to the power of compounding. Compounding is when previous earnings from an account remain in the account and in turn earn more money for you. The earlier you start saving, the more your money may compound.

Procrastination has been called the thief of time. Don’t let it rob you of a more secure financial future — start investing and saving as early and often as you can.

Two young women at a work meeting

Discover

Regardless of your time horizon, risk tolerance, or savings goal, you can always find the right savings vehicle for your needs at Discover. Discover offers an Online Savings Account to help you with your short-term savings goals, a full range of CDs and IRA CDs with terms from 3 months to 10 years as well as Money Market Accounts that may be ideal for rounding out your overall savings strategy. Open a Discover account online in minutes or call our 24-hour U.S-based Customer Service at 1-800-347-7000.

The article and information provided herein are for informational purposes only and are not intended as a substitute for professional advice.

Saving

You earned it.
Now earn more with it.

Online savings with no minimum balance.

Start Saving
Online
Savings

Discover Bank, Member FDIC

Will Rising Interest Rates Impact Your Finances? Here's What You Should Know

Budgeting

Are You Making These 4 Common Budgeting Mistakes?

If these budgeting pitfalls sound familiar, there are steps you can take to get your finances back on track.

Read Article
How to Create a Budget (and 5 Budgeting Basics You Can't Miss)

Say hello to
cash back on debit
card purchases.

No monthly fees.
No balance requirements.
No, really.

See Details

Discover Bank, Member FDIC

Family Finance

Budgeting for a New Baby? Babyproof Your Budget in 4 Steps

Congratulations are in order! Amidst the excitement of your new family addition, consider the following steps to get your budget ready.

Read Article
How to Make Planning a Kid's Birthday Party on a Budget a Piece of Cake

Grow into your future.

Our fixed rate CDs help you save for what's next.

Start Saving
Certificate
of Deposit

Discover Bank, Member FDIC

Retirement

Should Rising Interest Rates Affect Your Retirement Plans? A Step-by-Step Guide

A simple way to reach your goals.

Watch your savings grow with a CD.

Lock in Your Rate
Certificate
of Deposit

Discover Bank, Member FDIC