Even though retirement is more than a quarter-century away for the under-30 crowd, there's plenty to be done now to ensure that you get to live the retirement you want, not the one that your Social Security check dictates.
So today you're getting some retirement prep tips because a key to having enough money in retirement is to save early and save often. Dave Ramsey is fond of saying that people spend more time planning their vacations than planning for retirement. The amount of time we spend planning retirement when we're young doesn't have to equal the time that goes into planning our family's dream Disney vacation, but this part of our financial life does deserve more than an hour or two a year.
Women are in a tough position when it comes to saving for retirement: on average, we earn less, work fewer years, live …show more content…
What will you spend your days doing? What part of the globe do you desire to be on? Staying in your paid-for home and pursuing your hobbies will likely cost less than what you'd need to take three cruises a year to various destinations around the world. Tally up how much this would cost you per year so you have a basic idea of how much money you'll need.
Discover your number. Being able to retire doesn't necessarily mean reaching the magic age of 60, 65 or 70, but rather accumulating enough money in your investments so that you can live the life you want after you retire. Once you have an idea about what you'd like your Golden Years to look like, you can better estimate how long it will take to get there with this nifty calculator from financial expert Chris Hogan. Play around with it--it takes less than two minutes--to get a feel for what you need to do to meet your retirement goals.
Invest in retirement
So today you're getting some retirement prep tips because a key to having enough money in retirement is to save early and save often. Dave Ramsey is fond of saying that people spend more time planning their vacations than planning for retirement. The amount of time we spend planning retirement when we're young doesn't have to equal the time that goes into planning our family's dream Disney vacation, but this part of our financial life does deserve more than an hour or two a year.
Women are in a tough position when it comes to saving for retirement: on average, we earn less, work fewer years, live …show more content…
What will you spend your days doing? What part of the globe do you desire to be on? Staying in your paid-for home and pursuing your hobbies will likely cost less than what you'd need to take three cruises a year to various destinations around the world. Tally up how much this would cost you per year so you have a basic idea of how much money you'll need.
Discover your number. Being able to retire doesn't necessarily mean reaching the magic age of 60, 65 or 70, but rather accumulating enough money in your investments so that you can live the life you want after you retire. Once you have an idea about what you'd like your Golden Years to look like, you can better estimate how long it will take to get there with this nifty calculator from financial expert Chris Hogan. Play around with it--it takes less than two minutes--to get a feel for what you need to do to meet your retirement goals.
Invest in retirement