Ways To Save For RETIREMENT
Develop a Retirement Plan
- Use resources to establish a retirement savings plan or seek the advice of a professional. A representative with Randolph Brooks Services Group, LLC can provide assistance with a no cost, no obligation consultation.
- Establish retirement savings programs like a 401(k), annuity, mutual fund, and/or open an individual retirement account. These savings vehicles can help put your money to work for you so you don't have to work so hard.
Make a Budget and Follow It
- Living within a budget will ensure that you have enough money to pay bills and save money.
Pay Yourself First
- Establish an automatic transfer from your paycheck to your savings account to grow your balance. When you receive bonuses or raises, take a portion of the money and deposit it in your savings account.
- The biggest problem with retirement savings is people aren't saving soon enough. "The number one thing you can do about these numbers is to start putting more money away," said Ray Hennessey, editor SmartMoney.com. "But it's tough, I understand, people have expenses now. But they are going to have expenses later."
Manage Your Debt
- Pay your credit cards in full every month if possible. Otherwise, pay more than the minimums to pay down the balance owed. When making a purchase that requires you to go into debt, ask yourself if the item is something that is a need or a want. Coming to terms with needs versus wants can help you save money.
Easy Tips For Saving Money for the Future
- Educate yourself on money-saving topics. For example, learn about the power of compounding, and put this concept into practice.
- Taking your lunch to work and saving your change can help you put extra money in your retirement account.
- Refer to your budget before spending spontaneously. Delaying gratification will give you time to think about a major purchase, helping you to save money and not leaving you with buyer's remorse.
Pass on Your Life Lessons
- Promote credit union membership in your family and among your friends. Membership with a credit union saves you money.
- Encourage children and grandchildren to save – children learn money habits from their families.