11 Ways to Save for Retirement

                      

Have you saved enough for your retirement? If not, why? There are many ways to plan for retirement.  Whatever method you choose it is a known fact that unless you are born in a wealthy family you will have to save for retirement.  If you are in good health when you retire at age 65 you could live another 20-30 years which means you will need on average $1,000,000 to $2,000,000 depending on your salary, cost of living, your monthly bills and expenses, and health condition. 

This translates into contributing to a retirement account for a minimum of 20 years depending on your salary but more likely for 25 to 30 years on a consistent basis.  The key to planning for retirement is to start planning as soon as your get your first job, planning early eliminates the need to play catch-up in your later years in life. 

It is never too late to plan for retirement.  No matter what your age you should put some money aside for your retirement even if you have to get a job after retirement which is better than having no money saved at all.   Many people do not save enough and end up having to work well past their desired retirement age or have to get part-time jobs because social security is not enough to cover all of their expenses.

Don't panic and get overwhelmed by the media, fear, anxiety and nervousness of those around you. Don’t let emotions cause you to make bad decisions. Your retirement account balance shows how much you love yourself. Make the hard sacrifices now so you don’t have to make hard sacrifices during retirement. Here are 8 fantastic ways to prepare and save for retirement.

Open a Savings Account

Regularly contribute to a savings account. Open a CD (certificate of deposit), online savings account or money market account.

Open an IRA

Open your own individual retirement account through a brokerage firm.

Sign up For Your Employer Sponsored Plan

Sign up for matching contributions if offered. Increase retirement contributions with each salary increase. Contribute the maximum amount allowed each year. Save at least 10-20% towards retirement.

Pay Down Debt

Pay off your mortgage early and keep credit card balances at 20% or less of the credit limit.

Downsize

Scale back expenses within at least one year to five years of your retirement date.

Ask for Help

Consultant a financial advisor to set financial goals and develop a plan to achieve them.

Be Independent

Don't depend on your spouse's retirement account because your spouse may not have saved enough money for retirement.

Review Yearly

Review allocations yearly to make any necessary adjustments. Check your statement for any errors and notify your financial planner immediately.