5 Ways to Save for Retirement

Everybody dreams of retiring in their 60s and enjoying all the things they’ve put off for the last few decades. Unfortunately, the reality is that it takes a lot of planning to be able to retire at all, and many people never get that chance. If spending your days away from the office and in the sunshine is important to you, check out these tips to save for retirement now.

1. Get the Most Out of Your 401(k)

If one of the perks of your job is access to a 401(k) plan, now is the time to begin using it. These plans allow you to add money to your retirement savings prior to paying taxes while Roth 401(k)s add money after taxes. Either way, saving money now helps to set you up for the future. Some employers match the money you add to your 401(k) up to a certain percentage, so do your best to max out that benefit. While it may give you a bit less to work with now, the free money from your employer will be helpful in the future.

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4 Vital Retirement Tips That’ll Turbo Boost Baby Boomers’ Retirement Finances

Baby Boomers could very well be the generation that has worked the hardest in their professional careers. However, despite this, many Boomers have not  been able to save enough to enjoy a relaxing retirement. There is in fact a high percentage of Baby Boomers struggling with financial issues.  Many of these they will not be able to sort out before they retirement.

Many independent studies have been done on the Baby Boomers retirement situation and concluded that about 1/5th of Baby Boomers might be forced to retire before they have paid off their mortgages, while others will not have enough funds for retirement for other reasons.

But, do not worry yet. Here, we have jotted down some vital tips that can help Baby Boomers augment their retirement savings and improve their current retirement situation.

It’s Time To Re-evaluate Your Assets for Retirement

Considering the fact that you are moving ahead towards retirement and old age, NOW is the right time to evaluate your home. You might not need nor be able to maintain a big house.

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Why FIRE Never Would Have Worked In The Past

The latest buzzword in the personal finance community is FIRE.  Many of the most successful blogs now talk about FIRE.  For those that don’t know, FIRE stands for Financial Independence, Retire Early.  The blogging community now has many blogs where people achieve financial freedom at a young age, and can retire well before traditional retirement age.  Many boast of retiring in their 30’s.

This is a pretty cool movement, especially in the age where Millennials are breaking many of the molds created over years past.

I started thinking about it.  I came to the conclusion that FIRE probably wouldn’t have been embraced by generations past.

Here’s my take on what I think generational mindsets are regarding FIRE.

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9 Money Goals Everyone Should Have

Rich or poor, working or retired, blue collar or white collar.  None of those things or any other will get around the simple fact that money is important.  As such, there are certain things that everybody should do with their money.  These don’t mean that everybody should approach money the same way.  It just means that in some fashion, each of the below items should be on everyone’s list of money goals.

Have A Rewarding Career

Don’t hate your job.  It’s just not worth it. You don’t have to love every minute of the day that you’re at work.  That’s just not reasonable.

But you should enjoy what you do.  You should feel that you’re making a difference.

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Make Investing a High Priority in Your Financial Life

Some people are afraid to invest their money because they are afraid of losing it. Others are completely unsure of what investing their money entails and what it can do for them. Investing is a building block for a healthy financial standing if done properly and with some education. Don’t worry, you won’t have to go back to school! Today we are going to talk about ways to invest, why you should invest, and who to talk to get the assistance and understanding you need.

Leave Your Legacy Behind

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How to Save for and Fund Your Retirement

Your retirement is going to get here sooner than you think and, chances are, if you’re reading this post, you aren’t a fresh out of the dorms millennial looking for the simplest way to retire early. You’re more likely in your 30s or 40s (or maybe even 50s) and realizing that you are now entering the game of “catch up” when it comes to saving for and funding your retirement. Don’t worry, even though the situation feels dire, it is not too late to fund your retirement.

Budget

According to Laura Judkins, the key to accumulating savings for retirement is to begin with a budget. Creating a budget isn’t nearly as complicated as you might think. In fact, it may very well be one of the best things you do for your financial situation. There are plenty of guides out there that will teach you how to set up that budget and even more guides on how to stick to that budget, so we won’t get into the details here.

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