While you are making plans for summer vacations, pool parties, and family BBQ's, be sure to include a check-up on your retirement savings. Did you know that if you are not saving enough for retirement, you could potentially outlive your savings? This is a scary reality for so many people who do not plan ahead. If you are not enrolled in your employer's 401(k), enroll today! This savings vehicle has many benefits which includes employer matching, pre-tax contributions (which lowers your taxable income), investment options and financial planning services. If you are self-employed, you should consider enrolling in an IRA (Individual Retirement Account) through your financial institution such as a bank.
When determining how much you will need, be sure to consider whether you will have a mortgage, car payment, and factor in monthly living expenses such as utility bills, medication, groceries, etc. Also, if you plan to indulge in your favorite hobbies such as travelling locally and abroad, home renovations, and weekly spa days, include these activities while planning for retirement. Retirment doesn't simply mean to stop working. It means that this is a new chapter in your life to enjoy the things you put on hold, explore new places, new things and enjoy time with family and friends.
For more tips on how to save and manage monthly expenses, you can purchase a copy of my e-book down below.
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