Your Financial Future Is At Stake|Take The Steps Save Your Retirement

Step #1 – Get To Know Your Total Financial Picture

You need to have a good idea what your financials look like.   Your financial picture is like a puzzle, it’s made up of different pieces and the pieces need to fit together for it to work.

  • It's all up to you how you retire

    Image by Horia Varlan via Flickr

    Financial Advice

If you have a hard time making your financial puzzle work together, get advice.  If you have the time and money you can hire a financial planner to quarterback for you.    But you don’t have to go that route, you can get financial advice from an investment adviser at your 401k company.   Most 401k companies offer employees a direct contact to an investment adviser; ask your human resource department.

Step #2 – Get To Know What You Want|You Need Financial Goals

Do you sometimes get so caught up in the day-to-day struggles of earning a living that you forget to set retirement goals?   It’s a fact that if you don’t set goals, you will have a hard time achieving them.  Take the time to think about what you want to do when your working years are over.

  • Retirement Goal Setting

Maybe you want to work forever and never retire.   Maybe you visualize retirement at an early age.   Perhaps you want to continue to work after retirement but only part-time.  You always wanted to start your own business, after retirement may be the perfect time to do that.

There are no right or wrong retirement goals, you just need to determine what yours are.   Whatever your goals are, figure them out and never lose sight of them.   Increase your odds of achieving these goals by keeping them active and making them a constant reminder for yourself.

Step #3 – Learn The Missed Financial Lesson

The most important financial lesson that’s rarely taught in any classroom is retirement investing.      A class that every student should be required to take is a class that explains retirement and what is need to afford it.

Think about it, you will spend over half of your life working to save enough money to live on during the other half of your life, isn’t that worth some study time.   You work from your 20’s to your 60’s and your retirement years are from your 60’s to your 80’s/90’s.

Step #4 – Attitude, What Attitude

retirementSome day you will reach an age or attitude that you are done working.   If you do not have enough money saved up, you will have to continue working.

Avoid a conflict with when you want out and having the finances to get out.   The best financial position to be in is to have the money you need when you need it.   You can achieve this balance by having your money invested for a long time – so start investing at the earliest age possible.

Step #5 – Time Means Everything

The amount of time that your money is invested in the market will determine the long-term growth of that investment money.

If you start investing in your 20’s, your money will have over 40 years to grow.   If you start in your 30’s or 40’s, you lose ten or twenty years of growth…you lose a lot of money by starting your investment strategy late.   You leave a lot of money on the table by delaying.

Step #6 – Use A Retirement Calculator

Find a retirement calculator that you are comfortable with.  A retirement calculator can help you determine how much you need to invest when you start in your 20’s vs your 40’s.

Yesterday was the best time for you to start saving for your retirement; today is the second best time.   Avoid regrets at retirement time; start saving for your retirement right now, you can’t afford any longer of a delay.