retirement plan

There is a lot of information available on how to build a retirement plan. Most of it is aimed at younger people. We’re told how we could retire with millions if we start to put such and such an amount into this or that. But the years go by and we never really get around to doing that. We’re raising families and even though our salaries may be bigger our expenses far outweigh the amount we bring in. In the back of our minds we know we should be saving for our retirement but we never seem to get started.

How can we create an effective retirement plan at any age?

  • You are never too old to start saving. No matter how old you are start saving now. Don’t worry about what you haven’t saved. Look toward the future. Always make sure you have emergency money. Don’t use that as a basis for your retirement savings.
  • Be careful when investing. The higher the yield on your investment, the more risk involved. In the case of saving for retirement, slow and steady wins. Retirement savings are not something you want to risk losing.
  • Automate your savings. Set up your bank account so a certain amount of money will go into your retirement account each week or each month. Even if you can afford just a little, it’s better than no savings at all. Many people find that by automating their transfers they don’t really miss the amount that has been put into savings.
  • Assess your needs. Most retirement plans don’t mention going over your future needs. Even when adjusted for inflation, many of us over estimate the amount it will cost us to live without a work income.







Before retirement and as you save, go over your plan every year at least. See if there are other ways you can save. Remember, it’s never too late to begin saving. For more information on ways to create an effective retirement plan, click here.


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