5 Retirement Moves to Make Today That Your Future Self Will Thank You for – Elko Daily Free Press

Posted: March 8, 2020 at 10:50 am


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2. Set a clear savings goal

Besides healthcare expenses, you'll need to supplement Social Security. It's important to have an idea of how much you'll need saved. There are multiple approaches to set a retirement savings goal, but one of the simplest is to figure out what your final salary is likely to be, and assume you'll need 10 times that amount.

With an idea of the amount you need to save, online calculators can tell you how much to invest each month to achieve your goal.

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Set this as the minimum monthly contribution. You can increase it later if your salary goes up unexpectedly or put aside some extra if you get a bonus. Just ensure your baseline savings will enable you to hit your target.

You'll probably need to do some budgeting to afford the necessary minimum contribution. This should be a priority, so you may need to cut spending in other areas.

You'll want to invest your retirement money in an account that provides tax breaks, such as a 401(k) or an IRA. By taking advantage of tax savings, you can more easily hit your savings goals since your taxable income won't be reduced as much.

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5 Retirement Moves to Make Today That Your Future Self Will Thank You for - Elko Daily Free Press

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March 8th, 2020 at 10:50 am

Posted in Retirement