"Retirement" is a term that draws intimidation when it comes to the planning process. Bob Jain, as well as other financial minds, will tell you that this doesn't have to be the case. As a matter of fact, there are numerous ways that you can make matters easier for yourself. How can one save up enough money so that they retire comfortably, regardless of what their work entails? It all starts by learning, so start with these do's & don'ts.
DO save up for retirement sooner. There are many people that wait to save for retirement later on in life, which is a tremendous oversight. As a matter of fact, Robert Jain will recommend that you do so once you start working full time, provided your employer offers plans for such a purpose. Fortunately, many workplaces offer such plans as 401(k)s and IRAs to full-time workers. These will make retirement saving nothing short of a breeze.
DON'T be shy about automating your savings. It can be difficult to commit to the retirement saving process, which is where automation comes into play. There are many plans that allow savers to automatically take money from their paychecks, which will then be applied to the plans they have. Simply put, little effort is needed on their end. By following this step, you'll save considerable time in the long term.
DO take advantage of raises. If you're employed by a workplace that offers yearly raises, take advantage of them. Instead of spending your additional money without a care, apply it to your savings. Contribute more to your plan from month to month. This will help you retire sooner, which is nothing short of beneficial in the long run. Depending on how you use additional funds, planning for retirement will be considerably easier.
DON'T assume that retirement is the end. While retirement often illustrates the end of full-time work, there are other ways to be productive afterward. Since you have considerably more free time on your hands, you may want to spend it learning a new skill. It's entirely possible to learn how to play an instrument with the time you have available. Simply put, just because you're retired doesn't mean that you can't be productive.
DO save up for retirement sooner. There are many people that wait to save for retirement later on in life, which is a tremendous oversight. As a matter of fact, Robert Jain will recommend that you do so once you start working full time, provided your employer offers plans for such a purpose. Fortunately, many workplaces offer such plans as 401(k)s and IRAs to full-time workers. These will make retirement saving nothing short of a breeze.
DON'T be shy about automating your savings. It can be difficult to commit to the retirement saving process, which is where automation comes into play. There are many plans that allow savers to automatically take money from their paychecks, which will then be applied to the plans they have. Simply put, little effort is needed on their end. By following this step, you'll save considerable time in the long term.
DO take advantage of raises. If you're employed by a workplace that offers yearly raises, take advantage of them. Instead of spending your additional money without a care, apply it to your savings. Contribute more to your plan from month to month. This will help you retire sooner, which is nothing short of beneficial in the long run. Depending on how you use additional funds, planning for retirement will be considerably easier.
DON'T assume that retirement is the end. While retirement often illustrates the end of full-time work, there are other ways to be productive afterward. Since you have considerably more free time on your hands, you may want to spend it learning a new skill. It's entirely possible to learn how to play an instrument with the time you have available. Simply put, just because you're retired doesn't mean that you can't be productive.
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