December 12, 2016
How To Start Saving Now For Your Retirement
If you want to actually retire, and have money when you do it, you need to start saving now (hopefully you’re in your twenties and reading this, but if not it’s still not too late). Many people these days have no hope of retiring because they didn’t plan ahead or they’ve been working freelance jobs and not saving money on their own. If you don’t want to be forced to work until the day that you die just to have money to live, you need to take these steps.
Put A Little Money Away Every Payday
Even if you simply have an annuity from the death of your rich great-great grandma, and that is enough for you to live off of, you should still put some of it into a savings account or invest some of it to get into at a later date when you’re no longer able to work for a living. From saving money on a yearly basis to saving some from a weekly paycheck, the only way to build a nest egg is to save.
Even if you live paycheck to paycheck you can still manage to put some money away out of each of those paychecks. $20 a week over a ten year period will give you more than ten thousand dollars in savings. Imagine if you put that much away, or more when you had it, for fifty years?
Invest Some Money
If your job offers a 401K do it. That money can add up over time, especially if you work with that employer for awhile, it can also go with you to new jobs if need be. If you take an early leave from that job you might even look into transferring it into an IRA.
There are other ways to invest as well. Talk to a professional about getting yourself set up with an investment portfolio and you’ll be on your way to a cushy retirement in no time. The point is that most people want to enjoy retirement and travel once they no longer have to work, not be stuck at home poor!
Curb Your Spending
One more thing that can greatly help you start saving for retirement is to start spending more wisely. You’ll have more money to put away if you start only buying the things that you need in order to live. You need clothing, but not so much that it fills three closets!
Spend thrifty, by buying stuff on sale or on clearance, but don’t just buy it because it’s cheap if you don’t really need it. Go through the stuff you do have and if it doesn’t serve a purpose in your life consider selling it, then put that money away toward your retirement savings as well.