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Ways to Ensure Savings for Retirement

by Ashley

For some people, it’s difficult to live comfortably after retirement, with debt piling up and waiting to be paid off. And unfortunately, the greatest complication that comes with that is ensuring that money will be there for the rest of your retirement. While retirement may be far away from our minds, it’s better to plan ahead to avoid this big headache. Here are some ways to go about ensuring that money is set aside.

Start saving. This is the most common phrase you will hear for most of your life and it’s true, in order to ensuring money in your account – start saving now. Break those unnecessary daily habits such as spending money on coffee and lunch. Focus on the needs rather than wants. And always check in how much you have in your savings account.

Social security. When you retire and have Social Security, you will most likely get some funds from there, in addition to your savings account. Don’t forget about your pension, 401(k), etc from your last employer. Those three options will end up being your source of income.

Plan your budget. Know that you need to save about 70% of what you earn to go to your savings. Ditch unnecessary expenses, it will hurt you in the long run. Approximately measure the amount of income you will need post-career. If you plan ahead before you retire, securing money wouldn’t be an issue. Just think about how you will live during your retirement years and pinpoint what’s important during that period of your life.

Pay off debt. Make sure you always pay bills on time and you will avoid being in debt during retirement. It’s the worse case scenario to be in debt because all the money you’ll get from SS, pension, etc. will go towards that and you’ll be then left with nothing.

With discipline and planning ahead of time, you won’t be stuck in a rut once you settle into retirement life.


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