Take Charge Of Your Retirement Future
These ten simple reminders can help you get started and stay on track
for a successful retirement. Copy this list and post it on the fridge, near
your desk, or anywhere it will remind you that you are in charge of your retirement
you can ensure that you'll have enough money invested for your retirement.
Know What You'll Need
that you'll need at least 70 percent of your pre-retirement income to maintain
the same standard of living once you stop working. Your retirement income will
need to last many years. If you retire at age 55, you can expect to live at
least another 25 years.
Time is on your side. The sooner
you start, the longer your money has to grow. It's never too early to start
investing for a secure retirement.
An employer-sponsored retirement
plan is convenient, easy to use, and one of the best retirement investing deals
out there. Join today!
Contribute to the Max
The more money you
put in a retirement plan, the more you'll get out especially because many
companies match part or all of their employees' retirement contributions.
Invest Pre-Tax in Your Company's Retirement
Investing pre-tax gives you more money to invest. Because taxes
take a large bite out of each dollar you earn, you have to invest more after-tax
dollars to get the same impact as pre-tax investing. Plus, investing pre-tax lowers
your taxable income which means that you'll pay less to the IRS on April 15th.
Pay Yourself First
Out of sight, out of
mind. You won't miss the money you're investing if it's deposited straight into
your retirement account, and the government, your employers, and your creditors
won't be able to touch it.
Keep Your Hands Off
Don't touch your retirement
investments. You'll not only avoid tax penalties for using the money early, you'll
also give your investments more time to grow. Don't take a loan or withdrawal
from your plan unless it's a real emergency. And if you change jobs, roll over
any amount you receive.
Look Long Term
Low risk investments usually
mean low returns and may put your finances in danger down the line. For successful
investing, choose investments that will beat inflation over the long haul.
As the years go by, life changes.
So should your retirement investment strategy. Review it annually to ensure it
still meets your needs.
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