However, there are still some other measures you’ll need to take to ensure that you (and your spouse or dependents) will have enough money to live comfortably well after you’ve retired.
Your Personal Savings Account
One of the best things you can do is set up your own personal savings account to use after retirement. This will help you to keep the rest of your finances organized as well, and you’ll have the additional security of knowing that you’ll have more than your 401K to sustain you and your family during retirement. It’s extremely important that you view saving for retirement as a priority. Even if you’ve got decades before you actually retire, if you take saving seriously, you’ll definitely be looking forward to retirement when the time comes.
Open a 401K or IRA
If your job doesn’t offer a 401K, you may want to consider opening an IRA to financially prepare for retirement. If your money is in a IRA, it will grow tax-free. Once you retire, you can withdraw the money from your IRA without being taxed. Chances are you’re eligible to open an IRA, but your eligible status may depend on your income. If your income is too high, you may not be able to contribute to the IRA. Contribution limits for a IRA change annually. Your local bank most likely will help you start an account and walk you through the process.
Direct Deposit
Doing something as simple as requesting direct deposit from your employer can also help you save for retirement. When you set up your direct deposit, you can request that a portion of your check go to your retirement savings account or IRA. This is another way to stay organized when it comes to your retirement finances.
Your Retirement Plans
It also helps to be very clear on what your needs and wants will be once you retire. For instance, if you want to make some home improvements, be sure that your retirement savings will cover this. If you’re planning on moving to a new home or want to be able to vacation more, you’ll need to have a budget that will support these ventures. Preparing ahead of time will increase the chances that you’ll live the life you want after retirement.
Part of retirement planning is the get your home paid off – in other words, to become free and clean of a mortgage payment. See our module on “fast mortgage payoff” to view how a simple tactic can be used without changing your cash position. But first, give this article a quick comment/share for others in your social circles to view.
Your Financial Planner
Finally, be sure to talk to your financial planner about your monetary plans for retirement as well. This will help you to find customized methods to help you make the most of your money. Your financial adviser will also be able to tell you about Social Security benefits, which will add to your retirement income and make a huge difference in your overall retirement funds.
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