Saving for retirement can seem like a daunting task. Especially when financial experts keep recommending that you start planning earlier and earlier. If it’s too late for you to “start saving for retirement at eighteen”, you don’t need to worry. Below are three great tips that can help you get back on track during your thirties (or forties!). You’ve been working hard for your money; now it’s time to let your money work for you.
3 Things You Can Do in Your 30’s-50’s To Start Preparing For Retirement
Know your options for company-sponsored retirement plans
Many business offer retirement plans for their employees. It is a good idea to take advantage of these opportunities if they are available at your place of work. Often companies will offer some kind of plan that will match your contributions to a retirement fund. Some of the most common plans include 401 K plans and IRAs. Be sure to do your research before opening a new account, every plan has different features and benefits.
Multiple Streams of Income
Studies show that people who are diverse with their investments and income have fewer issues with loss, and experience more consistent growth. Try looking into different opportunities for multiple streams for revenue, such as stocks, bonds, network marketing opportunities, mlm’s, and even real estate. Network marketing is just one great route to get involved in something that has value to you without sacrificing your career or killing yourself to make extra income.
Pay Attention and Save More
One of the easiest things you can do to start preparing for retirement is to start paying more attention to your money. Start asking yourself: How can I generate more income? What can I do to limit my expenses? Start budgeting and saving based off of a percentage of income. Set a reasonable goal for yourself to set aside monthly/yearly, and stick to it. Doing this will relieve some of the pressure that comes with saving. Reach out to Alan with AdvancingWithUs for more tips on generating extra income and financial planning as you get older and/or your family grows.