Saving for Your Retirement

It’s never too early to start saving for your retirement. Investing in your future retirement doesn’t have to be hard to do. Yes, you may have to cut back a bit here and there but it will be worth it when it comes time for you to retire. Here are a few questions you should ask yourself that may help you get headed on the right path when saving for your retirement.

How much income will you need? The earlier you get started saving for your future the better the outcome. Meeting your financial goal can be determined by the number of years before your retirement and the amount you will need to invest each month to meet your goal.

Is your savings goal achievable? Don’t set yourself up for failure. Make realistic goals for your savings, maybe 10-15% each month. The important thing is that your goal is achievable for you. Treat your savings as you would a monthly bill, have the payment automatically deducted from your paycheck. Think of it as an investment in your future.

Do you have a budget to track your expenses? Tracking your expenses is a great way to find wasteful spending. Have you ever asked yourself what happened to your money? Overspending is easy to do if you don’t keep track of the things you buy. You can boost your savings by cutting back on things that you deem unnecessary.

Are you in control of your spending? Give yourself a cash spending allowance each week and do your best to stick with it. It’s so easy to over spend when you use a credit or debit card for your purchases. If you use a credit card and carry a balance, you may be paying some hefty finance charges each month. Focus on paying off those high interest credit cards and do your best not to use the card unless it’s an emergency. When the card is paid in full, you can put that money into your retirement account and invest in your future.

If you want to have a comfortable retirement you need to start saving as early as possible and save as much as you can on a regular basis. Think of it as an investment in your future. If you need assistance, contact our office at (866) 497-9761 to schedule an appointment with our advisors or check out our website. We offer multiple resources to help you accomplish your goals.