4 Things You Can Do Right Now To Improve Your Retirement
Today, we share 4 things you can do right now to improve your retirement. Click below to listen.
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Start Now! Steps to Improve Your Retirement.
Time is your greatest resource when saving for retirement. The earlier in life you start, the longer you enjoy the benefits of compounded returns.
There is a saying, “The best time to plant an oak tree was 20 years ago. The next best time to plant one is right now.”
You can’t make up for the lost time, but you make saving a priority now. Look at your budget. See what changes you can make. Figure out how you can start putting money in a 401K or IRA. Don’t waste any more time.
How much you save for retirement is critical. Many people suggest you should save 10% of your pay for retirement. Think about increasing that to 15%.
It means you’ll have 50% more in your nest egg. In dollar terms, if saving 10% of your pay results in a retirement savings of $500,000, saving 15% would result in $750,000. That’s a big difference.
Plan To Work Longer
Retiring early can mean big discounts to Social Security benefits. It also gives you fewer years to save and benefit from compounded returns.
Waiting to retire means the discounts to Social Security get smaller. And if you delay long enough, your Social Security benefits will actually increase.
We all know the stock market can be a wild place. There are plenty of up years, and occasionally, a big down year. But over time, stocks have helped many people improve their retirement picture.
Don’t be afraid of the stock market. It can help improve your returns over time. And that means a better retirement.
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About the Author
Neal Watson is a Certified Financial Planner™ Professional and a Financial Advisor with Fleming Watson Financial Advisors He typically works with people who are planning for retirement. Fleming Watson is a Registered Investment Advisory firm located in Marietta Ohio. Our firm primarily serves Marietta, Parkersburg, Williamstown, St. Marys, Belpre, Vienna and the surrounding communities in Washington and Noble Counties in Ohio and Wood and Pleasants county in West Virginia.