GETTING READY FOR RETIREMENT

Dated: April 5 2022

Views: 18

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

Blog author image

Sonja Rankin

As a Florida native, Sonja has been a resident of and worked across the Emerald Coast for the past 20 years. She strives to provide the highest levels of professional service in real estate and learn ....

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

CONSIDER THIS: WHEN TO REFINANCE

Refinancing your mortgage is something most homeowners consider at least once throughout the lifespan of their home loan. It allows you to pay off your previous loan by applying for a new one that

Read More

Benefits Of Working With Me, A Military Relocation Professional

Benefits for ClientsA REALTOR® with the MRP certification understands that when military staff and their families relocate, the services of a real estate professional who understands their

Read More

24 Great Tips For PCSing

1. Wait to start planning… nope. Once you have orders in hand, legit, tangible, orders, THEN you can start planning. There’s no use in creating stress when it can be delayed.2.

Read More