Getting ready for Retirement...

Dated: 07/28/2020

Views: 60

HOW TO GET READY FOR RETIREMENT

For most people, retirement feels like a long way off. But, if you don’t start preparing as early as possible, you may find yourself in a place of financial insecurity when the time does come. To avoid this, consider implementing the following tips.

  1. Calculate your target savings. In general, it’s recommended that you save between 10 to 15 percent of your income for retirement. However, you can always use an online savings calculator to determine the amount you need to save for your specific needs and goals.
  2. Contribute to your employer’s retirement savings plan. Does your job offer a 401(k), traditional IRA, or Roth IRA? Sign up and start saving as soon as they allow you to. It’s recommended to set up automatic paycheck deductions and, once the money is in your retirement fund, don’t touch it.
  3. Take advantage of employee benefits. Many employers offer matching which generally requires you contribute a certain percentage of each paycheck and your company will then contribute a matching amount with funds of their own. They might also offer health savings or flexible savings account. By contributing to these accounts, you reduce your amount of taxable income, allowing you to save more money.
  4. Pay off your debts. Start by paying off any high-interest credit card debt first. Then look at other debts, such as student loans and car payments, and make a plan for paying those off incrementally.
  5. Reduce daily spending. Although this feels like a no-brainer, spending your money thoughtfully now can make a big impact later. Seek out areas of your life where you can.
  6. It also helps to meet with a Financial Advisor ....There is a lot of advise they can give to help you cover your bases...

    True financial planning is a comprehensive, ongoing approach that starts with helping you define your dreams, developing a plan to help you get there, then tracking your progress along the way, recommending changes where needed.

Blog author image

Georgieann Elliott

An entrepreneur real-estate professional living and working in Northern Utah. Experienced with buyers, sellers and investors. Many hours of service are devoted working with Seniors. The Seniors Real E....

Latest Blog Posts

Getting ready for Retirement...

HOW TO GET READY FOR RETIREMENTFor most people, retirement feels like a long way off. But, if you don’t start preparing as early as possible, you may find yourself in a place of financial

Read More

Is NOW the time to REFINANCE your MORTGAGE???

There are a large number of Americans struggling right now because of the effects of COVID-19. There’s no question the economy has taken a hit and, in turn, a lot of families have had to pay

Read More

Barrier free living, aging in place safely...when Mom and/or Dad come to live???

Here in Northern Utah we have a lot of homes that are multi level...this lifestyle of living makes it a little more difficult aging in place.  For some modifications for aging in place can be

Read More

Garden Containers...Different types and the pros and cons!!!

Different Types of Garden ContainersBY: CHLOE DEIKEOverwhelmed by all the container options available? Here are the pros and cons of 9 different types of garden containers.We earn from qualifying

Read More