Retirement can be one of the best or the worst time of your lives, depending on how prepared you are!
Most of us aspire to travel, buy our dream house, sit back and enjoy our hobbies, or move to another state after we’ve retired but all of this requires funds.
According to a report by CNBC, most Americans have almost nothing planned out for their retirement years. Don’t be surprised; 56% Americans don’t even know how much they’re supposed to save!
If you’re on the list too, we are here to save the day. Here are some ways you can ensure a financially secure retirement for yourself:
Control your expenses earlier on
The more you control your expenses today, the more you’d be able to save for the future naturally. Its always better to start as early as possible. An efficient way of controlling expenses is to make a checklist and track them accordingly. Prepare a budget for each month and allocate a certain amount to the savings account. This will help you make sure that your expenses don’t deviate from the designated amount.
Ideally, you should save around 15% of your monthly paycheck to accumulate a good amount for your retirement years. Collect all your receipts and bank statements to see where all the money is going. This can help you identify problematic areas. Put caps on the number of times you can eat fancy in a particular month or the number of movies you can watch. In addition, try and control your utility bills as well.
Choose your retirement date
The amount of social security you get also depends on when you choose to retire. If you retire early, you might even get 25% less than the total social security amount due. On the other hand, delaying your retirement date means you might have more financial benefits as compared to an early retirement. Similarly, if you choose to retire at 70, you might get more social security than the designated amount.
Whether you should or should not wait long enough to reap the most out of the social security benefit also depends on whether your livelihood really depends on it.
Make smart investment decisions
Investment is one of the easiest ways to guarantee a good stream of monthly income once your job ends. The good news is that you can choose from a wide range of investment vehicles according to your specific requirements. If you want a hedge against inflation, the best options are precious metals and stocks.
To make the most out of your investments, learn from the best! US Stock Advisor is home to some of the most well-versed Raleigh stock consultant. Contact us now to register for our Raleigh stock trading course.