Published on March 31st, 2016 | by Brooks Hitchcock0
5 Proven Ways to Prepare For Retirement in 2016
Saving for retirement for some can be an exponentially tough task. It’s very difficult to store your assets aside when they’re right in front of you, ready to be cashed in a nice new car or a vacation. There’s no sense in working in the late stages in your life because you didn’t save. You need to be saving now so you can give yourself some piece of mind in the long run. When deciding to save for retirement or not, you should ask yourself one question: Would you rather spend a nice spring day in your late sixties with your feet propped up on the deck? Or would you rather spend it under florescent lighting or in front of a cash register? Here are some great methods for retirement preparation.
Save, and save a lot
Even if you’re not saving for retirement initially, you should get into the habit of saving. Work towards a fiscal goal and then keep increasing the amount. Hopefully the satisfaction of saving to the point where you have enough will motivate you to keep working towards loftier goals. Retirement is the ultimate long game, particularly for the younger members of the work force. Financial stability for 20+ years while doing whatever you heart desires is a winning ticket that you can cash in on if you put the effort in. Start with the basic principle, save, baby, save!
Start a 401(k) if available
If your employer offers a retirement plan such as a 401(k), you should sign up and pitch in all that you can. This can result in lower taxes and automatic deductions. Also, compound interest and tax deferrals will lead to higher accumulated funds. Ask your employer for more information.
Study your retirement options
If your employer offers a traditional pension, take the time to learn more about it so you fully understand how it works. Start by requesting a benefit statement so you can find out about what happens to your benefits if you change employers, if you have benefits from a previous employer, and if you or your spouse are entitled to benefits from either one of your pension plans.
While investing can be risky, you can reduce the risk of financial loss by diversifying your portfolio. How you’re saving your money can be just as important as saving it outright. By investing your money, you’re giving yourself a chance for your savings to grow.
Inquire about your Social Security Benefits
There are ways to get an estimate about what your benefit from social security may be once you retire. Visit the website of Social Security Administration for more information. Having a grasp of what you’ll make from social security will better prepare you for any extra steps you need to take so you can live comfortably throughout your retirement.
If you’re have any inquiries about your retirement, or would like to establish a solid retirement plan, Assured Retirement Group can help you find the best solution for you. Call us at (952)-657-7470 or contact us here. We can start by setting you up with a free retirement guide, and registering you for our free seminar.