Saving for retirement amid high prices, the holidays and other financial plans isn’t easy.
Even more concerning is that nearly a third withdrew from their retirement savings in 2022 to stay afloat.
If you’re feeling overwhelmed or burdened with otherfinancial debtor goals, you’re not alone.
Now, I have enough to retire early, but it wasn’t easy.
If work-optional comes off as decades away, you may feel like you have plenty of time.
Waiting to take steps toward retirement is time you won’t get back.
If you’re feeling overwhelmed or burdened with otherfinancial debtor goals, you’re not alone.
In coaching thousands of people to reach their financial goals, the No.
1 regret I hear is that they all wish they started sooner.
There will likely never be a “perfect” time.
There are ways to warm up to saving more for retirement without depositing any money.
I learned firsthand thatSocial Security benefitsoften don’t stretch far enough.
When my parents retired, they relied solely on these benefits to get by.
Even with full benefits, Social Security alone is rarely enough to cover medical expenses.
To better plan, figure out how much you’re expected to collect from Social Security when you retire.
Themaximum monthly benefit for Social Securitydepends on the age you retire.
If you’re gonna wanna retire earlier, your benefits will be less.
That’s a huge benefit.
Roth IRAs do have income limits, though.
I recommend turning to a traditional IRA if you exceed the income limit to contribute to a Roth IRA.
My biggest regret in my own financial journey was not understanding the power of the Roth IRA sooner.
You may be able to take control of where you’re investing your money.
While ahigh-yield savings accountshould not be your primary retirement account, it can serve as a helpful supplement.
CDs are a great entry point into investing for anyone who’s anxious about losing money.
Don’t wait.
When you’re ready, plan to make regular contributions to stay on track and grow your retirement savings.
