For those who still have a long way to go before their retirement, it’s important to remember that you should gradually work towards this event. After all, gradually—but consistently—taking to steps to create a fund for your golden years is the wisest way to go. Make sure you that you’ve marked these retirement goals to reach before your 30’s. Otherwise, you could be on track for a late retirement—or none at all.
· Pay into your employer-based retirement plans. Roth IRAs, traditional IRAs, or 401(k)s—all of these can fund your retirement. Pick your ideal option—then start saving. You want more money, rather than less, right? Take advantage of your employer’s payment matching. Though not everyone can meet the highest amount, something is better than nothing. Make sure you contribute as much as you can without overextending yourself.
· Map out your finances—past, present, and future. Go through your spending, statements, and debt. If you feel like you need assistance here, don’t worry—not everyone has a perfect head for numbers, but you can find help from those who do. Search for a trustworthy advisor! Once you have all your tools and statistics in place, pinpoint the following things:
1. What items, events, or activities are unnecessarily burning through your cash;
2. Unwanted or costly properties, vehicles, or items that you can sell for profit;
3. Sources of debt;
4. The type of retirement fund you are using and your contributions;
5. The cost of insurance;
6. How much money you have left over each month; and
7. With all the above factors considered, how much money you can afford to invest.
· Deal with debt. Paying off your debt is a huge priority—especially sources with high interest rates, such as student loans or credit cards. If you’re not aggressive about eliminating your debt, it will consistently keep you from growing your retirement fund. Going debt-free isn’t easy—and it involves significant sacrifice—but you should hold it high as one of the retirement goals to reach before your 30’s.
· Increase your retirement fund. Right now, you’re still young. This means that you can take risks, but as you get older, you’ll want to adjust the risk-reward ratio. Overall, the best advice tells you to increase your retirement fund safely with someone you can trust—like the experts at Ty J. Young Inc.
With your hard work—and wise investments—you can meet these retirement goals to reach before your 30’s. We want to help you on your way to a great future. Years of sacrifice and labor have proven that you’ve earned your retirement—so let us make it even better for you with the earnings from our money-protected services. Call us at 877-912-1919 to begin!
To receive more advice on preparing for your golden years, continue reading our Retirement You Earned blog.