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.
HOW TO GET READY FOR RETIREMENT
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 car payments, 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
Thanks so much for taking the time to read my Blog. If you require more information on buying or selling a home please give me a call. I was born in and am native to Chatham, Ontario. I began my real estate career in 1989, I have been a member of the MLS Chatham-Kent Real Estate Board since 1989. I joined the Royal LePage Sales Team in 2001. I’ve been helping my clients buy and sell homes in the Chatham-Kent area for over 25 years. Give me a call today at (519) 401-5470 for a free, no-obligation consultation.
Thanks, Deb Rhodes
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