Have you ever thought about the life you would like to live once you retire? What does it look like? Does it involve living in the Caribbean, taking frequent cruises to exotic locations, volunteering your time for causes that you are passionate about, or spending time with your children and grandchildren? Or does it involve you continuing to hold a full-time or part-time job, not because you are bored and would like to keep busy, but because you have to?
While most people try to save and invest to secure a future for when they retire, we find that many people either do not have enough saved to last them for the duration of retirement, or have nothing saved at all. The pressure of providing for yourself at an older age, can bring unnecessary stress, which can affect quality of life.
So how can you properly prepare for your retirement, and reduce your chances of being an involuntary elderly worker? Begin to save and invest now if you have not started to. There are retirement investment plans such as Individual Retirement Accounts (IRAs), 401K Plans, 403B Plans, Thrift Savings Plan (TSP), Pensions, etc. that can provide you with a tax beneficial way to secure your retirement nest egg. In addition, many of these plans are designed so that the investment funds are not easily accessible to be withdrawn as you please. If you do withdraw before you reach retirement age (59 1/2), you could be hit with penalties, which could be significant. If your employer offers any of these retirement plans, be sure to check them out if you haven’t as yet, as some employers may offer a company match. If your job does not offer any of them, you can always check with your financial institution (banks or credit union) about their Individual Retirement Account options.
Remember that it is the responsibility of your self today, to financially provide for your future self. The sooner you start the save and invest, the larger your retirement nest egg will be. Time will be your best asset. As always, if you have any comments or questions, please leave them below. Please like and share this post with your family and friends who you would like to see financially secure!