Saving money for retirement can be easy or difficult depending on your current salary. If you are like 75 percent of the American population, earning just enough money in your current job to meet your monthly bills, then it's time to do some serious thinking on how you are going to live when you retire.
Social Security isn't going to meet all your monthly payments. That is, if Social Security, or some revised form of it, still exists when your day of retirement arrives.
Here are some tips on how to save today for your future. No matter how little, or how much, you earn today.
Estimate how much you must save to give you the income you know is necessary for you to retire in comfort.
Experts suggest that you will need an income equaling about 75 percent of your current take home pay. Be sure to estimate a rise in inflation which has historically been about 5.3 percent per year.
Figure out how much of your current salary will need have to save each year to achieve your retirement goal by counting backward from the year you plan to retire to see how many years you have before retirement. Include the possibility of being on a fixed income for as long as 20 or 30 years. Depending on how many years you have until retirement a U.S. Treasury bond that guarantees six percent interest might be considered, while stocks might have the potential for a much higher return, but has a much higher risk of loss.
A financial planner, stockbroker, or an accountant, can offer guidance, expertise and access to knowledge about almost any type of investment or retirement planning concerns.
Spread your money out over a variety of investments. Some will prosper while others may fail.
Set up an automatic draft from your bank account from your paycheck so that a portion of your income goes directly into your retirement funds. Pay off major debts, such as home mortgages, college loans and other significant cash-flow drains, as quickly as you can.
For more information visit: http://www.apluswriting.net/finance/retire.htm
REQUIREMENTS FOR REPRINT: You have permission to publish this article free of charge in your e-zine, newsletter, ebook, print publication or on your website ONLY if it remains unchanged and you include the copyright and author information (Resource Box) at the end. You may not use this article in any unsolicited commercial email (spam).
You may retrieve this article by:
Autoresponder: retire99@getresponse.com
Website: http://www.apluswriting.net/articles/retire.txt
Copyright: 2005 Marilyn Pokorney
Please leave the resource box intact with an active link, and send a courtesy copy of the publication in which the article appears to: marilynp@nctc.net
Author: Marilyn Pokorney
Freelance writer of science, nature, animals and the environment.
Also loves crafts, gardening, and reading.
Website: http://www.apluswriting.net
Part of learning to become financially free is to begin... Read More
Financial freedom is the power to do what you will... Read More
"The quickest way to wealthThat I've found to be true;Is... Read More
How many people search Google, Yahoo and MSN each day... Read More
We talked recently about the wealth formula:Spend less than you... Read More
Let's begin easing you out of the pits. I mean,... Read More
No one has complete control over their thoughts. But with... Read More
You can learn the secrets of world monetary flow if... Read More
"It's the business of your life?and you're the CEO!" Gala... Read More
The word 'diversity' is a unique one. It can represent... Read More
My First Million took me exactly 27 months to achieve.... Read More
When I was a student in London, I had a... Read More
There are few things in life that are more stressful... Read More
Have you seen a picture of the Parthenon in Athens,... Read More
"If you know how to spend less than you get,... Read More
Some people in this world are thinking that their poor... Read More
To budget, to have a budget and to be on... Read More
No matter what income level you are currently at, generating... Read More
The rewarding of high compensation packages to top executives who... Read More
As a woman Netpreneur, I sat down via e-mail with... Read More
Living on credit is fashionable. Indulging oneself is fashionable. Saving... Read More
Is accumulating wealth as easy as following a 3-step plan?... Read More
What does becoming rich mean to you? Is it early... Read More
There once was a hawk, ferocious and swift. He was... Read More
The vast majority of working people are in debt. The... Read More
car service from Midway Alsip ..Every day you work is one day closer to your... Read More
No one has complete control over their thoughts. But with... Read More
Money is probably the most challenging thing for many people... Read More
"Money Doesn't Grow On Trees."Some of us even believe it.... Read More
Parents must give serious thought to protecting their family through... Read More
Despite what you may have read or heard, anyone is... Read More
Whether an established conglomerate or a fledgling company, a business... Read More
Giving and ReceivingIt seems that people generally find it easy... Read More
Early in my legal career I represented two young women... Read More
There is no questioning that the amount of unclaimed money... Read More
This article focuses on generating cash as a full time... Read More
Is it hard to get rich? If you're young, not... Read More
Financial freedom is the power to do what you will... Read More
Look at Forbes' top 10 United States wealthiest people. Notice... Read More
Here's the truth: I have read hundreds and hundreds of... Read More
Results from a new tool developed by UK based firm,... Read More
You have $100 in your bank account, your rent is... Read More
Would you like to profit from your own information empire?... Read More
As a work at home Mother, I know the value... Read More
Recently I was reading a book called The Millionaire Mind.... Read More
When I look around at all of my friends, and... Read More
U.S. Supreme Justice Louis D. Brandeis"I live in Alexandria Virginia.... Read More
Perhaps the primary message of Rich Dad, Poor Dad is... Read More
Whenever we read about building wealth or even attend a... Read More
1. Save up to 50% per month on convenience cleaner... Read More
Wealth Building |