Tips to Ace Your Retirement Starting Now!
Regardless of where you were born or what generational label you attach to yourself, you were likely told growing up what path you were going to take to get to adulthood, right? For as long as I can remember, the steps in life – after the teenage glory years – have been written in ink: graduate high school, go to college, get married and have kids, work a traditional job that offers a health package and 401k.
But that life-path is far from realistic anymore. You see it all over the news, social media, and in blog posts, WE are breaking the mold. It used to be that when you got a job you were there for life – that just isn’t the case today. Are you forging your own way? Please do not make one of your greatest regrets in life trying to fit yourself into someone else’s mold. If you haven’t already figured out who you are – or what you want to be when you grow up, it’s ok! There is no rulebook that says we must know what the rest of our life looks like at 20, or 30, or even at 50.
Now – don’t get me wrong – you do still need to do the adulty things like budgeting, taking care of your health, and saving for retirement. For most of us, spending and savings patterns to begin to change as we age. As parents, we tend to invest a lot of time, energy, and of course, money, into our children. They are our first priority which can sometimes put things like saving for retirement last in line. It is not unusual to see moms trying to save for the things our kids need and want first and foremost. But, what is unusual is to see a mom who has had the opportunity to even think about saving for retirement, let alone making it happen without help.
Retirement as a whole can be a daunting subject to tackle – which is why it isn’t top of mind for those of us who are still navigating what life even IS. We do not have to have all of the answers right now – but stalling on any kind of retirement planning at all is a bad idea. We need to take the time to ensure that we are building a stable financial future as we age. Taking steps to take control of your retirement planning could have a positive impact in many areas of your life. According to a recent survey from AARP and the Ad Council, more than half of people in their 40s and 50s say that feeling more confident about saving for retirement would help them feel less stressed (54%). And 46% would be happier knowing they are taking care of their family’s future.
I know I feel more confident after chatting with Avo at AceYourRetirement.org. And, it only took about 3 minutes out of my busy schedule! We’ve been savvy with our money. I know we are capable of achieving large financial goals. And even though we have some well thought out plans – monitoring and adjusting them is a smart move. Now I feel much more confident and you can too.
Here are a few tips to consider to help you maximize your retirement savings:
- While gathered with your family for the holidays, discuss your savings plans and retirement goals, and what you can do today to achieve them. It’s important for everyone in the family to be on the same page about your financial goals and priorities.
- Start planning now what age you plan to retire and when you plan to start taking your Social Security benefits. Earning a few more years of income could really help you grow your nest egg, and delaying when you start collecting Social Security increases your annual benefit.
- If your employer offers matching funds for your retirement savings plan, make sure you’re contributing at least enough to get the full employer match.
- Brainstorm ideas for earning money in retirement, such as turning a hobby into a source of income, or taking on seasonal part-time work
- Visit aceyourretirement.org to get your personalized action plan in just three minutes. Your digital retirement coach, Avo℠, will reveal the top three simple, practical things you can do right now to make sure your retirement plan is on track.
Where will you start with your retirement planning? What’s your biggest challenge today?