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
Okay. So money doesn't really grow on trees. Unless you... Read More
AS THE MARKET FLIES HIGHER, GOOD BUYS ARE BECOMING HARDER... Read More
There are many of us who are working on our... Read More
Perhaps the primary message of Rich Dad, Poor Dad is... Read More
What is "The Commodity of Kings""Power is simply "the ability... Read More
Many people don't realize how much money they spend on... Read More
For most of us, the idea of retiring simply on... Read More
As you know, we're now well and truly in theInformation... Read More
Remember the bloodied face of Randall "Tex" Cobb?He was a... Read More
Articles on 'How to make money' come a dime-a-dozen. How... Read More
Do you like so many others feel, that even if... Read More
Top Investment PerformanceThroughout history, many coin collections have produced substantial... Read More
Paper burns and large companies can go bankrupt, but if... Read More
Key 1 Pay your self firstkey 2 Saving is not... Read More
Wealth - an abundance of values. Each of us determines... Read More
Wealth Secret 1 - Decide Your Outcome Right Now.Unless you... Read More
How Much Money Will I Need to Earn to Retire?This... Read More
Living on credit is fashionable. Indulging oneself is fashionable. Saving... Read More
There are plenty of people who are in love with... Read More
Why not run a lucrative paper business? Paper businesses do... Read More
I'm constantly reading articles on the internet and in financial... Read More
In today's unpredictable global economy, you obviously never know what... Read More
As you sit in traffic, inching along between irate drivers,... Read More
What is your attitude towards having wealth? Do you believe... Read More
The word 'diversity' is a unique one. It can represent... Read More
Wood Dale limo ..Okay. So money doesn't really grow on trees. Unless you... Read More
Most accountants, financial planners and wealth-building experts agree that there... Read More
Retirement Planning the Offshore Way Why do so many of... Read More
Key 1 Pay your self firstkey 2 Saving is not... Read More
A mole travels one road, according to the way nature... Read More
At any time in history, no matter what the current... Read More
Have you wondered why financial experts only tell you certain... Read More
Compounding: The Ninth Wonder of the WorldBy Nicola Cairncross Compounding... Read More
Every day you work is one day closer to your... Read More
To budget, to have a budget and to be on... Read More
Many people don't realize how much money they spend on... Read More
Recently I was reading a book called The Millionaire Mind.... Read More
Results from a new tool developed by UK based firm,... Read More
This new way is catching on around the world. People... Read More
When I was a student in London, I had a... Read More
Financial planning at an early age may seem complicated, however... Read More
Have you any idea how many people search Google every... Read More
Everyone dreams of early retirement. The idea of no longer... Read More
This retirement account is so new and unique that you... Read More
Look at Forbes' top 10 United States wealthiest people. Notice... Read More
Vacation season is upon us and it can be tempting... Read More
Feel like a lemming lately? Ready to follow the crowd... Read More
Early in my legal career I represented two young women... Read More
If you don't have discipline then walk away from the... Read More
The cashflow board games, Cashflow 101, Cashflow 202, and Cashflow... Read More
Wealth Building |