Ask any financial advisor for trade secrets and almost all of them will mention setting up a good retirement plan. Current studies suggest that young adults need to start saving as soon as possible to assure themselves a happy and financially secure retirement. Despite recent surveys revealing that around 60 percent of workers say they need less than a million to retire well, financial analysts say that professionals should take their 401(k) very seriously. Planning ahead and saving for retirement now are crucial financial milestones.
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| Image Source: money.usnews.com |
There are several ways to improve one’s retirement plan.
Retirement is expensive: It is impossible to fully know how much one would need to retire comfortably. However, it is always safe to overestimate and work from there. Retirement is an expensive time - especially if you are considering a well-off lifestlye. Financial analysts advise taking a look at your most lucrative job and needing at least 70 percent of that to suit your retirement needs.
Get involved: Most companies offer a retirement savings plan. Make sure to sign up for their personalized 401(k) plan and contribute as much as you can. Not only will the taxes be lower, but there is a strong possibility that the company will give a little bit extra. The more funds invested in the plan, the wider the safety net.
Consider inflation: It is best to start early. Young adults are asked to consider inflation and learn how to invest wisely. This means knowing how much you can save every month and your own pension plan. A good way to allocate funds is to spread capital among several investment options. This way, there are multiple channels for growth.
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| Image Source: forbes.com |
Don’t touch it: This is a big no-no. There will always be extenuating circumstances that will tempt one to withdraw just a little from their retirement savings. Do not give in to the temptation. Take care of this savings account. If you change jobs, try rolling them over to an individual retirement account or to your new employer’s plan.
Most importantly, keep up-to-date with the latest financial trends and consistently follow your budget.
My name is Steven Sorensen and I write about the financial industry and tips on how to be more business-minded. Learn more about me and what I write about when you follow this Twitter account.
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