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Tips for Retirement Savings
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Student Contributor
Posted March 7, 2019
Retiring is both an exciting and terrifying prospect for many. Of course, everyone wants to retire at some point or another, but it’s often easier said than done. It can be accomplished though, and here are five tips that can help you start planning!
Tip #1- Start!
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The first tip is by far the easiest, just get started! For some, retirement may seem years (if not decades) away, but time flies. The earlier you get started, the less you’ll have to invest in the long run. It doesn’t particularly matter how you start saving, just the action of doing so could save you a boat-load of cash and help to build good saving habits that’ll work for you when you’re no longer working.
Tip #2- Take advantage of employer benefits
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An easy way to kick off any retirement savings plan is by using the benefits offered by your employer. Many employers offer 401(k) or 403(b) savings plans to their employees. These are great because you can have the funds deducted straight from your paycheck, making it easy to save. Many employers will also match your contributions (up to a specified amount), meaning that for every dollar you put in, your employer will contribute a bit as well. That’s just free money! This money will typically follow you everywhere you go, so it’s always worth it to research retirement benefits your employer offers, even if you may not plan to remain there for your entire career.
Tip #3- Think ahead
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Retirement means something different for everyone. For some, it may mean hours spent on the water fishing, while for others it may mean traveling the world and checking off a bucket list. Whatever your plan may be, it’s useful to think ahead so you can have an idea of how much savings you may need to accomplish your goals. After all, the last thing you want is to run out of money with years of retirement still ahead of you!
Tip #4- Make a plan and set goals
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After thinking ahead and deciding what you want to do, the next best step is to make a plan. This doesn’t have to be set in stone, nor does it have to be comprehensive. It is worthwhile to at least have something attainable you can strive towards and a way you intend to go. Having a plan allows you to measure your progress and make adjustments accordingly. It’s the roadmap to your retirement goals.
Tip #5- Don’t worry!
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This may seem like a no-brainer, but don’t let retirement planning cost you sleep. Retirement should be something you look forward to, not another stressor in your life. Whatever your situation may be, there are hundreds of resources available to you to help make your retirement dreams a reality, so keep calm and carry on!
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