Retirement planning is something that far too many people put off. It's so important though, so I want to help more people get on track with retirement.
You just never know if something may happen down the line that may prevent you from planning for retirement, no matter how invincible you believe you are.
Below are my five retirement planning tips.
1. Start saving money now.
Too many people think that there is no reason to start saving money now because they don't plan on retiring any time soon. This is a HUGE mistake.
You should start saving right at this moment. Just a few extra dollars each day, each week, or each month, is much better than saving nothing at all. Due to compounding, share values increasing, and more, money now can be worth more money later.
Also, it's always a good idea to get into the habit of saving money now so that you get used to saving for retirement as the years go on. It will seem more like a habit and you won't even think about it if you do it long enough. I promise!
2. Let your portfolio perform on its own.
When you finally create your portfolio, you should let it perform on its own. Too many people check in nearly every single day on their investment portfolio, and that can actually hurt if you go into a panic and end up losing money by making mistakes.
3. Get help if you need it.
While it is very possible to manage your investment portfolio on your own, sometimes you just need to get additional help. This is especially true if you are unsure about retirement planning and investing altogether, as a true professional can help you understand everything a little better.
4. Create a retirement goal.
Depending on your age and how much you have saved, have you ever thought about early retirement in some form? There are many retirement calculator factors, but you may be able to determine a closer retirement date if you try hard enough.
5. Always take up employer's retirement plans.
If your employer has a program where they put money into a retirement account for you, whether it be through a company SEP plan, matching, or something else, you should look into joining this as it's pretty much just free money. Turning it down is just like taking a pay cut!
Are you on track for retirement? What tips do you have to share?
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