Whether you are excited about the prospect of retiring at some point in the future or you are apprehensive because you are worried if you will ever be able to set enough money aside, these tips should be able to help you get a jumpstart on the savings process.
- Have a goal in mind – Most sources will tell you that you need anywhere between 10 and 20 years’ worth of income to retire comfortably. Keep in mind that you need to be thinking about your income at the time of retirement and not now. You want to be able to keep yourself in the lifestyle that you will be accustomed to then.
- Start saving now – No excuses! According to one survey, almost a third of Americans haven’t really started saving for retirement yet. Even if you can only set aside a fraction of what you need, now is the time to start. Every year that you wait is going to make it that much harder to reach your retirement goals.
- Maximize your social security – Plan to wait until your full retirement age to take your social security. Don’t give up 25% of your retirement income in order to start collecting a few years earlier.
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