Need Money Fast | Organize Your Puzzle
It’s no secret that you will need an ample supply of money if you ever plan to retire; we all know that part. The part that gives many people indigestion is determining how much money they will need, where and how to get it.
Many people quit planning for their retirement because they cannot figure out the how much, the where and the how. A lot of people would rather deal with the indigestion than focus on breaking down the pieces to assure themselves a retirement to look forward to.
Retirement Plan Is Easy | Know Your Retirement Puzzle Pieces
To make the financial side of your retirement planning easier compare it to a jigsaw puzzle; it has many pieces and all of the pieces need to come together.
Have you ever seen jigsaw puzzle that has missing pieces; it looks incomplete and the same holds true with your retirement puzzle. If you fail to put all of the financial pieces together you will reach your retirement years incomplete and unable to retire…at which point you will wish you had ignored the indigestion.
Your Retirement Puzzle Pieces.
#1 – Don’t Miss Your Target, Use A Retirement Calculator
How Much Money Will You Need When You Reach Retirement Age
If you save for retirement without a plan you are guessing and just hoping you hit your money target. Since your retirement years could last 25 to 30 years, don’t you want a little more assurance that you are saving enough money to last?
To invest with more accuracy, use a retirement calculator.
Some retirement calculators are more specific than others. Don’t be afraid of the detail needed, get specific as you possible can; the more specific, the more accurate. The retirement calculator will ask details that focus on your risk tolerance levels, time horizon and financial goals. Those 3 categories help determine how much money you will need when you reach retirement age.
#2 – Know Your Resources|The Reliable Ones
Where Will Your Money Come From?
Do not count on social security; you are day-dreaming if you think you can rely upon it as a source of retirement money.
Social security may have been a reliable retirement money resource in the past, but it will not be in the future. There is no money left with in the social security fund and there are not enough workers to replenish it.
Retirement Plans From Work
One of your best resources for retirement money will be you. Your own money invested in your 401k retirement plan at work can be managed and funded by you therefore you know it will be done the right way.
If your employer matches your personal contributions, max out your retirement plan because a match means free money.
Personal Retirement Plans
Your Individual Retirement Account is another reliable source of retirement money to help you supplement your retirement plan at work. Traditional IRA’s can be tax-deductible, but Roth IRA’s are not; Roth’s are tax-deferred. After you max out your work retirement plan account, max out your IRA.
#3 – Locate Financial Baggage That Holds You Back
How To Find Money|Eliminate Debt Baggage
If you want to find investment money, address your debt baggage as quickly as you can; stop wasting investment money. The more debt baggage you have, the less investment money you have. Take small steps to eliminate your current debt and big steps to avoid future debt. Pay it off and don’t pile it on.
Debt is like dieting. Dieters know that a minute on the lips is eternity on the hips. With debt, a minute of thrill while you are piling debt on ends up as an eternity of interest and fees.
Debt holds you back, it destroys your financial future. Debt costs you more than the original cost of the purchase because of interest and fees. Develop the simple financial habit of not buying something until you can afford to pay off your credit card without carrying a balance.
It’s no secret that with the cost of everything going up and rarely down, you will need lots and lots of money to be able to afford to retire. Why wait to find as many ways as possible to save money and turn that money into retirement investment money. Just do it!