Retirement Planning Made Simple For All

Life is full of trade-offs, why should retirement planning be any different?   It’s not.   You have to make trade-offs during your working years to be able to fund your retirement years.

It’s quite simple, you either pay now or you pay later.   You enjoy the good life during your working years and save nothing for retirement or live modestly today and have money to afford retirement.

Retirement planning is basically a balancing act.  It’s a simple challenge of balancing your finances during your working years with those of your retirement years.

The Simplicity Of Retirement Planning | Anyone Can Do It

  • Immediate action required.

Regardless of how old you are, if you have not started investing into a retirement plan yet, begin to do so immediately.

If you are already investing in a plan, up the ante; increase your contribution amounts, if you are not already maxing out your retirement plan do so, open an additional retirement account in an IRA.

  • Consistency needed.

Statistics show that when you are in your 20’s and 30’s, if you consistently invest a portion of every paycheck into your retirement plan, you will accumulate enough money by the time you are retirement age to afford to retire.

When you are in your 20’s and 30’s you have time on your side.  Large amounts of money are not necessary, a large amount of consistency is.

  • Excuses will haunt you.

Skip the excuses you make for yourself as to why you are not making your retirement plan contributions.   When you reach retirement age without enough money to afford to retire, the excuses sound pretty lame.

  • Budgets find the holes.
Planning for retirement can be made simpler

Retirement (Photo credit: 401K)

If you focus hard enough you will find extra money.   You may need to go on a budget and track your expenses to find that extra money, but it is there.

Regardless of how old you are a budget is still the best way to find out where you are spending your money and it any of it is wasteful spending.   A budget keeps you honest.  Once you find the spending holes, you can plug them and invest the money you were wasting.

  • Expenses, we all have expenses.

Money management is so simple.  You are in charge of your money.   You get to decide how to spend that money.   If you are sloppy with managing your money, you will not have any.   Take baby steps to improve.   Don’t try to be an instant success.    Some expenses are necessary such as the things you need.   Other expenses are such as your wants are expenses that you may be able to cut back on.   Save money by learning the difference between your wants and needs.

We all will eventually get to retirement age.   Whether you get there with or without enough money is all up to you.