You might have been told numerous times, either by your parents, professors, or whomever, to start planning for retirement. As noble as this advice is, not everyone knows how to go about it in the best of ways. Fortunately, the steps toward a comfortable retirement aren't as difficult to take as you may think. Keep the following do's and don'ts, provided by the likes of Bob Jain, in mind so that you can live comfortably once you're done working.
DO start saving as soon as you can. Robert Jain will tell you that the best retirement plans are put into action early on. Let's say that you have a full-time job; it's possible that your employer offers a plan that you can implement right away. You'd be surprised by how quickly savings can built up as a result of an IRA. This is just one possible plan, but the truth remains: saving early is important for retirement.
DON'T be shy about automating your savings. It can be difficult to commit to the retirement saving process, which is where automation comes into play. There are many plans that allow savers to automatically take money from their paychecks, which will then be applied to the plans they have. Simply put, little effort is needed on their end. By following this step, you'll save considerable time in the long term.
DO use your raises to plan for retirement. When you earn a raise, it's often regarded as a testament to your hard work. Why not reward yourself in the long-term sense? You can apply your yearly raises to your retirement plan, which means that you can accumulate more money over the course of time. In short, you'll reach your goal sooner. This is a great tip that more retirement savers, young or old, should take advantage of.
DON'T let retirement be the end of your work. Even though retirement means that you don't have to work full time anymore, this doesn't mean that you should let it be the end of your accomplishments. As a matter of fact, it's in your best interest to set goals for yourself. There are many people that retirement and go on to take up hobbies such as painting or playing guitar. Just because you retire doesn't mean that you can't be productive.
DO start saving as soon as you can. Robert Jain will tell you that the best retirement plans are put into action early on. Let's say that you have a full-time job; it's possible that your employer offers a plan that you can implement right away. You'd be surprised by how quickly savings can built up as a result of an IRA. This is just one possible plan, but the truth remains: saving early is important for retirement.
DON'T be shy about automating your savings. It can be difficult to commit to the retirement saving process, which is where automation comes into play. There are many plans that allow savers to automatically take money from their paychecks, which will then be applied to the plans they have. Simply put, little effort is needed on their end. By following this step, you'll save considerable time in the long term.
DO use your raises to plan for retirement. When you earn a raise, it's often regarded as a testament to your hard work. Why not reward yourself in the long-term sense? You can apply your yearly raises to your retirement plan, which means that you can accumulate more money over the course of time. In short, you'll reach your goal sooner. This is a great tip that more retirement savers, young or old, should take advantage of.
DON'T let retirement be the end of your work. Even though retirement means that you don't have to work full time anymore, this doesn't mean that you should let it be the end of your accomplishments. As a matter of fact, it's in your best interest to set goals for yourself. There are many people that retirement and go on to take up hobbies such as painting or playing guitar. Just because you retire doesn't mean that you can't be productive.
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