Retirement is a top goal for many people. Or at least I hope retirement is a top goal for many people! I feel like every single day I hear about some scary statistic that states that only 20% of some other crazy number actually thinks about retirement. And I also have heard something where if you have a net worth of $1 that you are doing better than a lot of other individuals and families.
Crazy, right? It sounds crazy, but it isn't. So many people are not ready for retirement. Have you ever calculated how much you will need for retirement? Have you ever sat down and thought about how long you will be retired? If you retire at the “normal” age of 65, then you will most likely have more than 20 years in retirement. That's a long time!
There are many things that you can do to prepare for retirement:
Saving income is hard for many people. Usually when you get a raise, you might feel the need to spend it immediately. However, you should be trying to save at least SOME of your income. And if you can save 50% or more of your income, then more power to you! Try to find more ways to decrease your budget and look for all different kinds of ways to save money.
Increase your income
Increasing your income is something that I definitely am working on. I've cut my expenses to a level that I am happy with, and am now focusing on ramping up my income as much as I can. Finding extra income streams is a great way to increase your income instead of waiting for that next raise at your work.
Different people like to invest in different ways. Online trading with Alpari (UK) is an option as well. Check to see if your employer has a retirement plan. If they provide a match, then make sure to sign up! How can anyone turn down free money? I know that I can't.
With investing, maybe you want to invest in stocks, and maybe you are looking for dividend paying stocks so that you can have passive income as well into retirement. Also, maybe you want to invest in real estate. There are so many choices, it's just up to you and what you are comfortable with and what type of risk you want to take.
Join the free Master Your Money course!
Join the free email course and finally learn how to manage your money better, pay off debt, save more money, and reach financial freedom.