Whether you’re only in the beginning stages or you’ve already saved a large sum for retirement – keep going! If you’re not saving, it’s time to get started. Continue reading to learn three effective tips to help you prepare for retirement, and reach your savings goal!
Know what your retirement expenses will be. The key to a secure retirement is to plan ahead. It’s important that you come up with a rough estimate of your retirement expenses, which are fixed costs that most people are still accountable for during one’s retirement years. This may include property taxes, utility expenses, homeowners insurance, lease or car loan payments, mortgage payments and more. By estimating your total expenses, you can then deduct this estimation from your projected monthly retirement income. You should ensure that the remaining funds will be enough to cover life’s other necessities; food, travel, leisure, and funds set aside for unexpected events.
Don’t be ‘too safe’ with your savings. The sooner you begin saving, the more time your money has to grow. It’s also important to contribute as much as possible, as the cost of living is expected to rise considerably in the coming years. An Individual Retirement Account (IRA) with SeaComm is a great way to build that nest egg. There are no monthly fees, no minimum balance requirements, and dividends are paid to you on a monthly basis. Haven’t started saving, yet? It’s never too late to start. Click here to learn more or call a SeaComm representative at (315) 764-0566 or toll-free (800) 764-0566.
Find new ways to cut your expenses (and start saving more.) The money you’re spending now on impractical purchases could instead be used during your retirement years. Be mindful about where you are spending your money, and how often. This doesn’t mean that all of your extra cash has to go into savings, but now is the time to find new and creative ways to cut your expenses. Some constructive ways to do this are to eat-out less, practice couponing, consolidate your debt with a personal loan, or purchase a cheaper, more fuel efficient vehicle.