4 Beginner Tips For Planning Your Retirement

Posted by Caring Transitions on October 10, 2022 at 9:00 AM

For many of us, retirement seems like a distant future, or as Star Wars says, “in a galaxy, far, far away.” But time has a funny way of catching us off guard and as every financial advisor will tell you, the sooner you start planning for your retirement, the better.

Below we’ve provided a 4 beginner tips below to start planning for your retirement;

1. Choose a Retirement Plan

An important aspect of retirement is not only how much to save, but choosing where to save. There are several different retirement plan options on the market; 401(k), Roth IRA, Traditional IRA, Self-directed IRA, Simple IRA, SEP IRA, and Solo 401(k).

To learn more about these different plans, watch Humphrey Yang’s “Beginner's Guide to Retirement Plans” below!

2. Set Long Term Goals

The biggest question when planning retirement is; “How much do I need to save?” That number varies based on each person’s lifestyle, relationship status, where you reside and even, life expectancy. Visualize what you want your retirement to look like and set manageable goals to reach it. We highly recommend working with a financial advisor, they can help you learn investment techniques and money tips you’d never know!

3. Stay Consistent In Savings

Finance is 80% behavior. Starting a savings habit now will help maximize your investments. Read here to learn money saving habits you can start doing now!

4. Keep An Eye On Interest Rates

An interest rate is the amount a lender charges someone to borrow money—or how much you earn back over time when investing your money. Take a deeper dive into interest rates to learn more.

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