"Retirement" is a term that draws intimidation when it comes to the planning process. Bob Jain, as well as other financial minds, will tell you that this doesn't have to be the case. As a matter of fact, there are numerous ways that you can make matters easier for yourself. How can one save up enough money so that they retire comfortably, regardless of what their work entails? It all starts by learning, so start with these do's & don'ts.
DO save up for retirement sooner. There are many people that wait to save for retirement later on in life, which is a tremendous oversight. As a matter of fact, Robert Jain will recommend that you do so once you start working full time, provided your employer offers plans for such a purpose. Fortunately, many workplaces offer such plans as 401(k)s and IRAs to full-time workers. These will make retirement saving nothing short of a breeze.
DON'T forget to automate your savings. If you fear that you won't be able to contribute to your IRA, 401(k), or what have you on your own, automate it. There are many plans that take money from your regular paycheck, applying it to the plan that you have in place. What this means is that you never have to worry about making a payment. Everything will be handled for you, which should provide considerable peace of mind.
DO use your raises to plan for retirement. When you earn a raise, it's often regarded as a testament to your hard work. Why not reward yourself in the long-term sense? You can apply your yearly raises to your retirement plan, which means that you can accumulate more money over the course of time. In short, you'll reach your goal sooner. This is a great tip that more retirement savers, young or old, should take advantage of.
DON'T retire without a plan. Even though you may be able to save money, this doesn't mean that your retirement will be comfortable. You should have a plan in place, no matter how vague it might seem. There are many people that like to stay active after they're done working. Perhaps you'd like to take up a hobby you didn't have time for in the past, or maybe traveling is a goal of yours. Regardless, having set goals is an essential piece of the retirement puzzle.
DO save up for retirement sooner. There are many people that wait to save for retirement later on in life, which is a tremendous oversight. As a matter of fact, Robert Jain will recommend that you do so once you start working full time, provided your employer offers plans for such a purpose. Fortunately, many workplaces offer such plans as 401(k)s and IRAs to full-time workers. These will make retirement saving nothing short of a breeze.
DON'T forget to automate your savings. If you fear that you won't be able to contribute to your IRA, 401(k), or what have you on your own, automate it. There are many plans that take money from your regular paycheck, applying it to the plan that you have in place. What this means is that you never have to worry about making a payment. Everything will be handled for you, which should provide considerable peace of mind.
DO use your raises to plan for retirement. When you earn a raise, it's often regarded as a testament to your hard work. Why not reward yourself in the long-term sense? You can apply your yearly raises to your retirement plan, which means that you can accumulate more money over the course of time. In short, you'll reach your goal sooner. This is a great tip that more retirement savers, young or old, should take advantage of.
DON'T retire without a plan. Even though you may be able to save money, this doesn't mean that your retirement will be comfortable. You should have a plan in place, no matter how vague it might seem. There are many people that like to stay active after they're done working. Perhaps you'd like to take up a hobby you didn't have time for in the past, or maybe traveling is a goal of yours. Regardless, having set goals is an essential piece of the retirement puzzle.