4 Secrets for Retirement Planning

Retirement Tips

4 Secrets for Retirement Planning

Posted by RDW Financial Group
2 years ago | May 23, 2019

Are you financially prepared for your retirement? If not, don’t fret! There’s still time to start saving up. Retirement planning can seem hefty at times but taking small steps towards your golden years could help you become more confident about your plans. Though you’ve probably read about retirement planning in the past, there are a few secrets you may not know about that can help you save more towards the future and learn how to prioritize your retirement goals.

Start ASAP.

Though this may seem obvious to some, when you’re in your 20s and 30s, retirement can feel worlds away. It’s easy to push off saving with the promise that you’ll start saving soon, just not today. However, saving money for retirement, no matter how small, as soon as you can will add up and help you out in the long run. Sacrificing the occasional latte or new piece of clothing for a couple bucks towards your savings can help you reach your retirement planning goals quicker and give you more options for the retirement you want. Take off some of the stress in your later years and start saving today. Your future self will thank you for it!

Think ahead.

Retirement isn’t a one-size-fits-all plan. Think about what you want your retirement to look like and save up for that. Do you plan on traveling often? Are you hoping to downsize your house? Will you get bored and find a part-time job? While your idea of retirement may be perfect for you, chances are it’s different than other retirement plans, so focus on your personal goals for your golden years – and remember, if your plans for your ideal retirement change, plan accordingly and change your budgeting to reflect what your new retirement goals are.

Revise your financial budget.

We all know that budgets are important, but when was the last time you updated yours? A lot can change over the course of a few years – growing your family, getting promoted at work, moving houses, even having a higher desire to travel than you did before. Updating your budget every few years is necessary to adjust for your financial changes. You may even notice some unnecessary budget items that you can remove or lower and put the rest into your retirement plan. Why save the same amount for retirement after scoring that big promotion? Adjust your savings as your budget changes.

Prioritize time vs. money.

One of the nice aspects of retirement is that you can do it your way. Do you want a longer retirement on a smaller budget or a shorter retirement on a larger budget? Working longer and saving for more years will give you a bigger budget, but it will sacrifice the time you have to enjoy your retirement. Think about what you value more and what would fit your personality – more time or more money? It’s up to you to decide.

Try these secrets and see how much they help you save towards retirement savings, and if you need more financial guidance, contact RDW Financial Group today!

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