How to Save 50% of Your Income for Retirement - TheJobNetwork

How to Save 50% of Your Income for Retirement - TheJobNetworkYou may think you have years and years to go before you have to start thinking about retirement. Think again. Though the idea isnt looming on your horizon just yet, its actually the best time to start planning. Give yourself a huge edge to being wealthy in your old age. Compare what youd have after 40 years of savings as opposed to 20more than double, giving interest rates. Youll be able to retire sooner, and better. googletag.cmd.push(function() googletag.display(div-gpt-ad-1467144145037-0) ) You dont even have to make a lot to save. Theres plenty you can do making less than $40k per year. So stop procrastinating. Dont pass up on any opportunities that come your way. Keep your eyes open for them and take them whenever you canyour future self will thank you.1. Save NowIt doesnt matter whether youve never saved, are bad at saving, or have no idea how to do it. Now is the time. Dont let your expenses become an excuse. These are your prime years even putting away a little now can pay off a lot later.2. Get HelpCompanies advertise 401k plans in their employment benefits packages for a reason. This is part of your compensationtake advantage of it. Sign up and start using it. And bonus points if your employer has a matching program. Let them double your money for you3. Go RothNo company sponsored retirement plan? Sign up for the next best option, a Roth IRA. You fund this with money from your paycheck after tax, but when you withdraw the funds later, unlike a 401k, you wont be taxed. Put as much as you can into that fund. Yes, even now. Do you really need that pair of designer jeans? You can also try the MyRA, from the U.S. Treasury, which promises that the savings obligation will never decline in value. Bonus there are no low-balance fees.4. InvestIf investing is an option for you, do so. And do so shrewdly. Try to put a bit in stocks, not just safe bonds with a safe (and flat) return rate. Look for funds that are targeted for your age bracket to help guide you. And find a manager you trust5. Get SmartAn overwhelming number of people dont have any actual financial literacy. Dont be one of them. Take control of your future funds by making sure you understand how markets and investments and money work. If your company offers access to a financial advisor? Sit down with them ASAP.6. Stay Out of DebtStudent loans and mortgages are a necessary evil. But try to keep debt from piling up on your leistungspunkt cards. Youll pay more than double the original amount for your purchases if you let the interest charges get the better of you.7. Have a StashMake yourself a safety net so you never have to dip into the red. That way, if your car dies, youre not saddled with a huge credit card bill that has the possibility of becoming a spiraling balance down the road.8. Get Those Tax BreaksFind out whether your tax bracket offers any breaks for contributing to a 401k or IRA. Theres also something cal led the savers credit for individuals beneath a certain income threshold. landsee if you qualify.