7 Steps to a Better Retirement
Filed under: Retirement
You know that saving for retirement is important, but if you’re like many American workers, you haven’t even gotten started! Or, perhaps you do have a retirement account through your company, but you know that it is woefully under-funded. Follow these seven steps to get your retirement savings back on the right track.
Picture your retirement. It can be difficult to make saving a priority, when you don’t have a clear picture of why you’re doing it. Set some goals and then you can make a plan to reach them.
Overcome your fears. Many people are simply afraid of investing. But because this fear can hold you back from building an adequate retirement income, take action to overcome it. Call our office to schedule an appointment, and we can discuss different investing strategies that are in line with your personal risk tolerance.
Set a budget. Some people have a low balance in their retirement accounts, despite earning a relatively large income. Meanwhile, some of those who earn much less are actually on the right track toward a comfortable retirement! That’s because some people live within a budget, and others do not. Set a budget of expenses, and make saving for retirement a priority.
Cut back if you need to. If you aren’t saving enough for retirement, it’s probably because you’re spending too much. Cut back on expenses such as housing, transportation, or entertainment so that you can afford to stash more money in your retirement account.
Boost your savings rate. Aside from automatic contributions to your retirement account, you might have other ways to save more for retirement. Does your employer offer matching funds? Are you contributing up to the limit to receive the full gift? Do you put tax refunds or work bonuses toward retirement?
Continue to re-evaluate. A retirement plan isn’t something that you set in stone at age 30, and then forget about it. Continue to re-evaluate your retirement dream, and make the necessary adjustments to your plans.
Make an appointment. Seeking help from a pro is possibly the best way to plan for a secure retirement. Call our office to schedule an appointment, and we can help you analyze your priorities and make a plan to reach your retirement goals.