Maximizing your retirement contributions throughout your career

Jason 0 Comments October 25, 2023 Retire Wealthy Retirement Planning Tips for Retiree's

>>> IT IS NEVER TOO EARLY TO START PLANNING AND SAVING FOR RETIREMENT. HOW DO YOU KNOW IF YOU ARE ON THE RIGHT TRACK FOR YOUR FUTURE AND HOW SHOULD CONVERSATIONS EVOLVE AS YOU GET OLDER? JOIN US NOW TO EXPLAIN ALL OF THIS AND HOW TO MAXIMIZE YOUR SAVINGS IS CAMELIA ELLIOTT. THANK YOU SO MUCH FOR JOINING US . LET'S START RIGHT AFTER YOU GET YOUR FIRST REAL JOB AND YOU ARE IN YOUR 20s.

IF YOU LIKE YOU ARE NOT MAKING ENOUGH MONEY TO SEND ANYTHING ASIDE, BUT HOW SHOULD YOU BE INVESTING WHEN YOU ARE IN YOUR 20s? >> I KNOW THAT IT IS VERY DIFFICULT WHEN YOU'RE IN YOUR 20s AND TRANSITIONING FROM COLLEGE INTO SCHOOL. THE MOST IMPORTANT THING IS TO START EARLY. ONE THING YOU HAVE AS A BENEFIT IS CALLED COMPOUND INTEREST. IT CAN HELP YOU PREPARE FOR RETIREMENT MUCH EARLIER. IT WILL NOT FORCE YOU TO HAVE TO SAVE A LOT OF MONEY TOWARD THE END OF YOUR WORKING LIFE.

ONE OF THE MOST IMPORTANT THINGS IS TO ENROLL IN YOUR 401(K) PLAN. IF YOU NEED TO START SMALL, START SMALL. WHICH WE TYPICALLY RECOMMEND IS CONTRIBUTING THE EMPLOYER MATCH AND THE AVERAGE IS 4.5%. FOR THOSE WHO HAVE STUDENT LOANS, ONE OF THE GREAT THINGS BEEN OFFERED NOW IS IF YOU CANNOT CONTRIBUTE TO YOUR RETIREMENT PLAN, THEY COULD HELP YOU TO CONTRIBUTE MONEY TOWARD YOUR STUDENT LOAN. IT IS TAX-FREE MONEY TO HELP TO PAY DOWN STUDENT LOAN DEBT. THE LAST IS IT IS A GREAT TIME TO START A BUDGET AND GET ON THE RIGHT FOOT SAVING FOR RETIREMENT . ú>> I WISH THAT I TOOK THAT ADVICE IN MY 20s. LET'S TALK ABOUT LATER. IF YOU'RE IN YOUR 30s AND GOT RID OF YOUR CAR FROM COLLEGE AND ARE LOOKING TO SAVE FOR A HOUSE.

HOW DO YOU MODIFY YOUR CONTRIBUTIONS? >> AVOIDING LIFESTYLE CREEP IS ONE OF THE MAIN THINGS TO AVOID WHEN YOU'RE IN YOUR 30s. THINK ABOUT WHAT IS HAPPENING. YOU ARE BUYING A HOME AND HAVING CHILDREN. THERE'S SO MANY COMPETING PRIORITIES AT THAT TIME FOR YOU . ONE OF THE IMPORTANT THINGS TO DO IS CONTINUING TO SAVE. EVERY YEAR YOU MAKE MORE MONEY YOU COULD INCREASE YOUR CONTRIBUTIONS BY 1%. ALSO MAKING SURE THAT FAMILY MEANS DO NOT OVERSHADOW THE NEED TO SAVE FOR RETIREMENT. >> ONCE YOU SET IT UP AND THE MONEY COMES OUT, YOU DO NOT EVEN MISS IT. >> THANK YOU SO MUCH..

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