15 Retirement Savings Tips

Retirement Happens To Everyone: Start Saving Now

Let’s face it, saving money isn’t always easy, and saving for an event that is 20 or years
more into the future is even harder. Many would compare saving for retirement to exercising. We all know we OLYMPUS DIGITAL CAMERAshould do it, but we always seem to find a reason to put it off. However, retirement is in everyone’s future, so what better time to start saving than now?

15 Retirement Savings Tips To Get You Started

  • Put a certain amount of each paycheck into your savings account, and gradually increase this amount over time. The longer you have to save, the more dividends you can earn. For information on Launch FCU’s dividends, click here.
  • Don’t turn down a 401(k) match from your employer. Think of this as free money from your employer.

  • Consider investing in a IRA or Roth IRA. Launch FCU offers both types of IRAs. For more information on Launch FCU IRAs, click here..
  • Shop around for better auto, homeowners, and health insurance rates. Even though some insurance companies offer discounts to long-term policy holders, it doesn’t mean that you are saving as much money as possible. Make sure to conduct an annual review of your insurance expenses, and compare prices to ensure that you are getting the biggest bang for your buck.
  • Consider putting your tax refund into your savings account. As hard as it may be to not use your tax refund to buy yourself some new merchandise, your tax refund can provide you with a great opportunity to boost your retirement savings.
  • Learn to sick to a budget. Setting a monthly budget acts as an action plan that can actually cause you to spend less than you normally would.
  • Bring your own lunch to work. Research has suggested that bringing your lunch to work can save you on average $2,500 a year or more. In addition to saving money, making your lunch is usually a healthier option.
  • Pay off your credit card debt as soon as possible.
  • Remember to take into account inflation. The price of goods and services today will not be the Retirement Savingsprice of the same good and services in 20 years. When you think about how much you will need to retire, take into consideration inflation.
  • Get rid of cable. Cable is no longer a necessity with new additions such as Netflix and Hulu. Use this calculator to see how much you could save by cutting cable.
  • If you are married or in a committed relationship, figure out your retirement goals as a couple. This discussion should include what age each of you would like to retire at, the lifestyle that each of you desire after retirement, as well as where you wish to live after you retire.
  • Make a weekly meal plan. Making a meal plan helps to avoid impulse eating out, as well as overspending at the grocery store.
  • Stray away from making early retirement account withdrawals. If you decide to withdrawal from your account before the age of 59.5, you are subject to a 10% penalty fee, in addition to tax on the income. To avoid fees and taxes, leave your retirement account along.
  • Make a list before you go to the store, and stick to it. We are all guilty of going into a store for one thing and coming out with $100 in merchandise. Make a list before you go to the store and stick to this list to avoid overspending on unnecessary items.

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