Updated: May 25, 2021
How to get ready for retirement and what to consider.
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To avoid this, consider implementing the following tips.
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.
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.
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.
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 #carpayments, and make a plan for #paying those off incrementally.
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.
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