Why Buying Real Estate Is Still the Best Long-Term InvestmentLately, it feels like every headline about the housing market comes with a side of doubt. Are prices going up or down? Are we headed for
THINKING OF RETIREMENT
Dated: March 3 2022
Views: 312
HOW TO GET READY FOR RETIREMENT
For most people, retirement feels like a long way off. But, if you don’t start preparing as early as possible, you may find yourself in a place of financial insecurity when the time does come. To avoid this, consider implementing the following tips.
- Calculate your target savings. In general, it’s recommended that you save between 10 to 15 percent of your income for retirement. However, you can always use an online savings calculator to determine the amount you need to save for your specific needs and goals.
- Contribute to your employer’s retirement savings plan. Does your job offer a 401(k), traditional IRA, or Roth IRA? Sign up and start saving as soon as they allow you to. It’s recommended to set up automatic paycheck deductions and, once the money is in your retirement fund, don’t touch it.
- Take advantage of employee benefits. Many employers offer matching which generally requires you contribute a certain percentage of each paycheck and your company will then contribute a matching amount with funds of their own. They might also offer health savings or flexible savings account. By contributing to these accounts, you reduce your amount of taxable income, allowing you to save more money.
- Pay off your debts. Start by paying off any high-interest credit card debt first. Then look at other debts, such as student loans and car payments, and make a plan for paying those off incrementally.
- Reduce daily spending. Although this feels like a no-brainer, spending your money thoughtfully now can make a big impact later. Seek out areas of your life where you can
From <https://www.breakthroughbroker.com/getting_ready_for_retirement
Rick Mendez
Rick is based in the Chicago area. He is a highly dynamic and professional realtor with eXp realty who is well-recognized for his passionate work ethic, humble persona, goal-driven nature and above al....
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