"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 forget that your retirement saving can be automated. Yes, you can actually use an automated system to contribute to your retirement plan. There are many plans that allow this, meaning that you won't have to make manual contributions from your paycheck. The system will take care of such matters for you. For those that would like to save time, in terms of retirement or otherwise, this is an important step to take.
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 assume that retirement is the end. While retirement often illustrates the end of full-time work, there are other ways to be productive afterward. Since you have considerably more free time on your hands, you may want to spend it learning a new skill. It's entirely possible to learn how to play an instrument with the time you have available. Simply put, just because you're retired 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 forget that your retirement saving can be automated. Yes, you can actually use an automated system to contribute to your retirement plan. There are many plans that allow this, meaning that you won't have to make manual contributions from your paycheck. The system will take care of such matters for you. For those that would like to save time, in terms of retirement or otherwise, this is an important step to take.
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 assume that retirement is the end. While retirement often illustrates the end of full-time work, there are other ways to be productive afterward. Since you have considerably more free time on your hands, you may want to spend it learning a new skill. It's entirely possible to learn how to play an instrument with the time you have available. Simply put, just because you're retired doesn't mean that you can't be productive.