"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 as early as possible. The cardinal rule of retirement planning, according to Robert Jain, is to save for retirement early on. Not everyone can do this in their early 20s, for example, but it's entirely possible to do so once you have a full-time job. This is especially true if your job has a 401(k) or IRA system set up for its employees. When you start saving early on, it can make a considerable difference later down the road.
DON'T be shy about automating your savings. It can be difficult to commit to the retirement saving process, which is where automation comes into play. There are many plans that allow savers to automatically take money from their paychecks, which will then be applied to the plans they have. Simply put, little effort is needed on their end. By following this step, you'll save considerable time in the long term.
DO take advantage of raises. If you're employed by a workplace that offers yearly raises, take advantage of them. Instead of spending your additional money without a care, apply it to your savings. Contribute more to your plan from month to month. This will help you retire sooner, which is nothing short of beneficial in the long run. Depending on how you use additional funds, planning for retirement will be considerably easier.
DON'T let retirement be the end of your work. Even though retirement means that you don't have to work full time anymore, this doesn't mean that you should let it be the end of your accomplishments. As a matter of fact, it's in your best interest to set goals for yourself. There are many people that retirement and go on to take up hobbies such as painting or playing guitar. Just because you retire doesn't mean that you can't be productive.
DO save as early as possible. The cardinal rule of retirement planning, according to Robert Jain, is to save for retirement early on. Not everyone can do this in their early 20s, for example, but it's entirely possible to do so once you have a full-time job. This is especially true if your job has a 401(k) or IRA system set up for its employees. When you start saving early on, it can make a considerable difference later down the road.
DON'T be shy about automating your savings. It can be difficult to commit to the retirement saving process, which is where automation comes into play. There are many plans that allow savers to automatically take money from their paychecks, which will then be applied to the plans they have. Simply put, little effort is needed on their end. By following this step, you'll save considerable time in the long term.
DO take advantage of raises. If you're employed by a workplace that offers yearly raises, take advantage of them. Instead of spending your additional money without a care, apply it to your savings. Contribute more to your plan from month to month. This will help you retire sooner, which is nothing short of beneficial in the long run. Depending on how you use additional funds, planning for retirement will be considerably easier.
DON'T let retirement be the end of your work. Even though retirement means that you don't have to work full time anymore, this doesn't mean that you should let it be the end of your accomplishments. As a matter of fact, it's in your best interest to set goals for yourself. There are many people that retirement and go on to take up hobbies such as painting or playing guitar. Just because you retire doesn't mean that you can't be productive.
About the Author:
Contact Bob Jain if you would care to become more knowledgeable in regard to finance.. Also published at Retirement Do's And Don'ts Provided By Bob Jain.
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