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3 Steps To Financially Secure Your Retirement

Updated: Aug 23

US Investment Advisor | Raleigh Investment Consultant, LLC

Retirement can be one of the best or the worst time of your life, depending on how prepared you are! Most of us aspire to travel, buy our dream home, sit back and enjoy our hobbies, or move to another state. However, all of this requires financial security.


According to a report by CNBC, most Americans have almost nothing planned out for their retirement years. Don’t be surprised; 56% of Americans don’t even know how much they’re supposed to save! If you’re on the list too, we are here to guide you in this process. Here are some ways you can ensure a financially secure retirement for yourself:



1. Control your balance sheet: expenses vs. savings

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.


2. 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 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.



3. Make smart investment decisions

You should start investing as soon as possible. Money cannot grow without investing. Investing can be as conservative or as aggressive as per your needs. More you wait, more opportunities are lost. Investment can be 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, investing in inflation-protected securities is important.

Let us guide you with your investment needs: whether you are looking for investment advice, management, or educational courses, we are here to help you.


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