Saving for Retirement Years

Saving for Retirement Years

Did you think you have done your part in saving for retirement? If you worry that you don’t have enough money saved for retirement, you are not alone. But, that doesn’t mean you don’t have to worry anymore. About 77 percent of baby boomers are setting aside too little for their retirement, which is not a good sign, if you might ask.

We are all aware of the fact how important saving for retirement purposes is. You have always dreamed of having happy golden years, haven’t you? But, how will you be able to outlast on your retirement years if you haven’t saved anything to keep a lifestyle you wanted? Talking about financial security when you retire, means you have to save steadily throughout your working years. Even if your retirement is just within your arm’s reach, you should not stop saving for retirement.

To help you save for your retirement and live a better life with less, if not without, financial issues is to follow these simple tips:

§ Keep your eyes on the prize – keep yourself reminded that you are saving. If it helps, post a picture of your dream house or anything you wish to have on the refrigerator or any place where you can easily see them.
§ Pay yourself first – one of the first rules of saving money is to pay yourself first. You can write a check to your savings account or have money automatically transferred from your pay check. If your employer offers a 401k or other pre-tax retirement plan, contribute the maximum as most employers match a certain percentage. You can also make automatic investments to many mutual fund companies.
§ Keep paying loans – if you currently have a monthly loan payment and you finished paying them, continue to make the same regular payment s to your savings or investments account.
§ Put away unexpected money – when you get a raise, receive a refund, cash incentives and gifts, invest some, if not all, of the money.
§ Adjust your withholding tax – be certain that your W-4 form is filled out to your best advantage. It is better to have extra money each pay period than wait until tax time just to get your refund.
§ Put your money to work for you – make it a point to have the equivalent of approximately 3 months worth of expenses in a savings account.
§ Reduce monthly fees – remember that a monthly bank checking fee of make 0 a year and it can make a difference. Eliminate services that you are paying, but don’t use, like premium cable channels or call waiting.
§ Cut corners – if you save a little by bringing your lunch to work and put it your account it could get bigger and bigger without you noticing it. There’s a lot of ways you can get savings such as clipping coupons, and more.

Saving for retirement security is never a bad idea. So, if you have little extra dollars that you don’t have anything very important to spend it to, save it. Any little amount that you save, in the long run it will grow. It’s never too early or too late to start saving for retirement.

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