What’s your retirement plan?
- When do you want to retire (your age or the exact date)?
- How much money do you need to have saved to be able to retire (an amount that will allow you the lifestyle you want for the rest of your life without having to work)?
- Are you currently on track to have that amount saved by that date?
Before we go any further, let me first give you my definition of retirement:
The freedom to do only what you want to do.
If you want to keep working until you’re 85, by all means, do so. But do it by choice, not because you have to. Save enough money starting now so that when you don’t want to work any more, you can walk away without having to worry.
Why are you still working today?
Isn’t it because you need the money? If you had plenty saved right now, would you still be doing what you’re doing?
This isn’t a dream that only a few can claim. If you weren’t born into a wealthy family, you can still get there. It takes a plan and it takes discipline. Maybe you’ll have to sacrifice something at the moment, but wouldn’t you rather take control and do that now rather than be forced to do it in 30 years?
Put a plan in place and stick with it!
The reality is, that date is coming… And it will be here sooner than you expect.
If what you’ve already been doing (or failing to do at all) isn’t getting you to the destination, then it’s time to consult with experts who will set you on the right track.
Retirement plans like 401(k)s are popular, but many employees contribute just because people around them are doing it. Few really understand or monitor their plan. According to a 2012 AARP survey, 71% of people with a 401(k) didn’t know they were paying fees for their retirement account. These fees can reduce your balance by up to 30%!
Get informed and explore your options: