Retirement should be seen as a time to prioritize personal interest, to travel, fulfill lifelong hobbies and so much more
Yet…
Many people worry that they will run out of money during retirement
Some of the big worries comes from not starting soon enough, not understanding whats in their retirement and also from not contributing enough
Some people feel overwhelmed and decide to do nothing (which is the worst thing they can do)
It does not take a lot to start saving for retirement, and the advance in technology has made it easier and easier
The best way to guarantee that you have enough in retirement, is to take the following 3 steps
- Decide what you want your retirement years to look like
- Map out how much you will need in retirement to live like that
- Get educated about how to maximize your savings and investing
Remember that social security may not be available in its present form when you retire
Three ways to accelerate your credit
Obtain a copy of your credit report from all 3 credit bureaus
Review your credit report for errors and contact the credit bureau to have it removed
Pay on time – payment history makes up 35% of your credit score. Therefore a missed payment could cause a significant decline in your credit score.
Leaving your job? What to know about your retirement plan
When you leave your job, consider rolling over your 401(k) plan to a self directed IRA. if your employer writes you a check, you have 60 days to transfer the money to an IRA. If you do not, not only will you be responsible for the taxes, you will also be responsible for the early withdrawal penalty. You are also severely limiting the amount that you will have to grow for retirement.
Four questions to ask yourself when planning for retirement
- What are my short and long term goals?
- Does my investment strategy match my goals?
- How will I diversify?
- How do I manage competing objectives – current expenses, saving for retirement, enjoying my life
How to handle investing uncertainty
1)Educate yourself
2)Diversify your portfolio
3)Focus on your long-term goals
About Tanya
Tanya Taylor, CPA, MBA is the founder and CEO of Grow Your Wealth. Her mission is to help professionals and business owners ditch bad debt and create a 6 or 7-figure retirement income by learning how money works in 6 steps so that they can build a legacy without feeling stuck.
