Taxes
Of course, for many, planning and saving for retirement can be a challenge – how much money do you need to retire? How do you save for retirement on a fixed income? Is it possible to worry too much about retirement savings?
If you’ve worked hard to afford your retirement, don’t let it be overshadowed by money fears, debt repayments or financial requests by adult children. In our Retirement articles, you’ll find a wealth of information that you can use right now – wherever you are in your retirement planning.
Planning Your Retirement
To start retirement planning, it’s important to be honest with yourself – what your goals are for retirement, how much you can realistically save or invest for retirement, and any financial hurdles that may be holding you back from seeing those plans to fruition. Yes, you’ll need to create a retirement strategy.
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How Much Money Should I Save for Retirement?
This is a very common question – so much so, that there are bookshelves full of books on this very subject, and just as many opinions. The truth is, the dollar amount that you should save is personal to you – to your current financial situation and your plans for retirement. This may include any investments you’ve made, savings or a ‘nest egg’ you’ve already accumulated, your current annual income and any outstanding debts you hold.
Use a retirement calculator to start digging deeper into the numbers, so you have some specific financial goals to work towards. The Social Security Retirement Age Calculator shares your potential Social Security benefit, which should also be factored in to your financial needs for retirement. Finally, if you expect to receive a pension from your employer, be sure to factor in that income as well. This is very important if you plan on trying to take early retirement.
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Investing for Retirement
Invest savings into a retirement account sooner rather than later, so you can take advantage of compound interest in the years leading up to your retirement and maximize your returns. Look into your options, like a 401K, or IRA, and see if your employer offers any contribution programs.
Making Money in Retirement
There are plenty of reasons why you may be interested in creating additional income during your retirement – perhaps you’d like to supplement your monthly income, or you’d like to have more funds for investments, or you’ve always wanted to start a small business and now have the time to pursue it.
From participating in surveys to starting your own shop, we’re sharing plenty of resources to help you earn money online during your retirement – and have fun doing it too.