4 Tips About Retirement

Retirement. I know a lot of people don’t necessarily think about retirement until they’re in their thirties or forties, which is probably a bit of a mistake. I know some people who are working toward their retirement with eager anticipation, whereas others try to ignore it until they absolutely have to deal with it. Saving for retirement may seem like a burden now, especially in this economic climate, but it’s definitely something that we should be thinking about. You don’t want to be penny pinching until the day you die, do you?

So, what are some things that we can do in order to start thinking about retirement? Today, we’re going to look at four tips that may help you while making your decisions about retirement.

1. Even if you don’t have a “career,” start something. If you’re younger, like I am, you still need to be thinking about retirement. A lot of people are having a hard time finding a steady “career.”   But even if this is the case in your life, you should consider starting some sort of retirement account, even if it’s something small. Talk to an investment professional or family and friends about how they got their retirement accounts started.

2. Don’t go by set “save this much” rules. There are some people that say you need to save 4% of your income per year, others give dollar amounts to shoot for. But a lot of times, these don’t account for inflation or other factors that could affect your final retirement balance. Save what you can afford to save, and do the math with a financial professional. The numbers may be more or less than the “set rules.” If you don’t have access to a financial professional, they are good starting points, but you need to consider a lot more factors than just that.

3. Plan for a long life. Americans’ lifespans are getting longer. Apparently the average now is 78; and don’t only save till 78, that’s an average. Some people are retired for 20+ years easily; my stepdad’s father is 78 and has been retired for 15 years, I think, and his health is great. So he’s going to be retired into that 20+ years. Are you saving enough, or are you of the “I’ll only be alive 10 more years” mindset?

4. Make sure you talk about it. Retirement can be scary! It’s not easy to talk about the stuff that’s going to happen later on in your life. But, you really need to sit down with the people you love and talk about it. They want the best for you at the end of your life, and you should want the best for yourself too. Take the stress off and let your friends and family help you out.

What other tips do you have about saving for retirement? Are you working toward your retirement, or is it something that you really don’t think about? What other concerns do you have about retirement? Share your thoughts in the comments, have a great week, and we’ll see you back here next week!


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