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Retirement Savings

Retirement Planning: 5 Easy Steps

What you need to know about Retirement Planning

1. Start saving, make a plan, stick to the plan

The best time to start your retirement plan is now! Don’t wait any longer.

2. Plan out your retirement needs

Make sure you estimate what your expenses will be when you retire. Will you have any debt still that you’re paying off? Retirement is expensive, so make sure you have enough saved. Learn more from CNN Money Tips.

3. Verify and Contribute your employer’s savings plans

Check with your employer to see what savings plan programs they have available.  If they don’t have any available then hopefully you can get them started on one. To learn more details about what to expect from an employer-sponsored plan visit the investopedia link.

4. Put together an Individual Retirement Account

Starting an Individual Retirement Account will be your fast track to retirement. Make sure you ask plenty of questions along the way and open yourself to options.  To learn more about what an IRA is, visit this CNN Money Guide.

5. Leave the money alone

When you withdraw retirement from your savings account, you strip yourself of principal and interest.  So make sure to leave the money alone as much as possible.

 

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stacking pennies

Savings Plans That Work

Here are some simple savings tips to get started on a plan that works

1. Track your expenses

To get started, you need to know where you money is going, so for one month straight make sure to track and record all your expenses.  There are many mobile apps and programs available to help you do this or track it on paper.  Whatever you decide, make sure you verify all your transactions.

2. Put together a budget

After having completed the first step, now you’re ready to limit your expenses based on priorities you establish.  Separate expenses that regularly occur such as a phone bill from miscellaneous expenses such as entertainment.

3. Establish a saving plan

You should plan on trying to save at least 10-15 percent of your income each month.

4. Set goals

Make some both short term and long term savings goals and verify the above steps to make sure they will help you achieve your goals.  If your saving for a specific thing like a new car, make sure to write those down.

 

Book an appointment to meet with our tax professionals

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Tax Accountant

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Book an appointment with us Today

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