Retirement Tips

Sep 26, 2017

retirement tips

Be smart with your money!

Retirement will be here sooner than you know it. With these tips, you'll be ready for a comfortable retirement. Because the last thing you want to do is worry about money during your Golden Years. Here are our 10 tips to get you to retirement and beyond!

1. Do an assessment: See where you are financially. Do you have a lot of debt? Do you currently save for retirement? Do you make enough money, or do you need to look for another job?

2. Get the basics down: You don't need to be a financial genius, but you do need to know the difference between a Roth IRA and a traditional IRA.  And as you get ready for retirement,check your Social Security account, and consider waiting until your full retirement age to get , because for every year past 62 you delay benefits, your monthly check increases.

3. Have a comfy cash cushion: Experts recommend having two years' worth of living expenses at hand. This is to prevent any potential market crash to affect your retirement savings.  Then, a few years before you plan to retire, redirect your contributions for retirement into cash investment options, such as money market funds or CD's instead of mutual funds.

4. Pay down debt: Don't let student loans crush your retirement dreams. Over a quarter of all U.S. workers carry student debt, meaning many of the only contribute 5% of their earnings to retirement. Pay down those debts as soon as possible, and pump up your retirement contributions.

5. Save more: It's simple -- the more you save, the more you'll have in your retirement fund. Make a commitment to saving 15 - 20% of your salary. By putting that amount towards your retirement, you'll ensure a worry-free one.



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