Whether your retirement is decades away or merely around the corner, you can take steps now to improve your quality of life during your golden years. Modern Woodmen | Scott S Paterick CLU CHFC, the investment and financial planning experts in Wisconsin Rapids, WI, offer some important advice for retirement planning below. By using a few of these tips, you can increase your savings, enjoy your free time more, and feel financially secure.
5 Tips for Retirement Planning
1. Get Out of Debt
The first step to a successful retirement is to get out of debt. Pay off highest interest cards and loans first, and work your way through your credit accounts until you are debt free. Then you can start saving.
2. Max Out Your 401(k)
If you have a 401(k), max out your contributions. These are before-tax dollars, so you can make the most of your investment now and save on taxes later when you take out the money after age 65. If you cannot afford to max it out, contribute enough to match your employer’s contributions.
3. Invest any Windfalls
Found money tends to slip through our fingers like sand. Instead of treating yourself to a new car or fancy wardrobe, consider placing any unexpected windfalls into your retirement savings account. Financial freedom feels better than any sports car ride.
4. Create an IRA
Even if you have a retirement account through your employer, you should also create an IRA and invest the maximum. Whether you choose a Roth or Traditional IRA, it is a great way to let your money accumulate without taxation.
5. Delay Retirement
To really boost your retirement savings and give you financial freedom, considering delaying retirement for a few years. It will give you more time to accumulate wealth, and you'll receive more Social Security benefits per year if you wait to collect.
For invaluable financial planning advice, contact Modern Woodmen | Scott S Paterick CLU CHFC, the investment experts in Wisconsin Rapids, WI. They can help you achieve your retirement savings goals as quickly and safely as possible. Visit their website to view their financial products, or call (715) 424-1873 to discuss your options with a friendly professional.
Securities and Advisory Services Offered Through Harbour Investments, Inc.