"Retirement" is a term that draws intimidation when it comes to the planning process. Bob Jain, as well as other financial minds, will tell you that this doesn't have to be the case. As a matter of fact, there are numerous ways that you can make matters easier for yourself. How can one save up enough money so that they retire comfortably, regardless of what their work entails? It all starts by learning, so start with these do's & don'ts.
DO start saving as soon as you can. Robert Jain will tell you that the best retirement plans are put into action early on. Let's say that you have a full-time job; it's possible that your employer offers a plan that you can implement right away. You'd be surprised by how quickly savings can built up as a result of an IRA. This is just one possible plan, but the truth remains: saving early is important for retirement.
DON'T forget to automate your savings. If you fear that you won't be able to contribute to your IRA, 401(k), or what have you on your own, automate it. There are many plans that take money from your regular paycheck, applying it to the plan that you have in place. What this means is that you never have to worry about making a payment. Everything will be handled for you, which should provide considerable peace of mind.
DO apply raises to your retirement plan. Raises are expected in certain workplaces, but how can they be used to their fullest? While this might go without saying, applying the additional funds to your retirement plan can go a long way. Among other things, this will allow you to reach your retirement goal sooner than expected. If you use your raises wisely, you'll eventually be able to benefit from a more comfortable life.
DON'T assume that retirement is the end. While retirement often illustrates the end of full-time work, there are other ways to be productive afterward. Since you have considerably more free time on your hands, you may want to spend it learning a new skill. It's entirely possible to learn how to play an instrument with the time you have available. Simply put, just because you're retired doesn't mean that you can't be productive.
DO start saving as soon as you can. Robert Jain will tell you that the best retirement plans are put into action early on. Let's say that you have a full-time job; it's possible that your employer offers a plan that you can implement right away. You'd be surprised by how quickly savings can built up as a result of an IRA. This is just one possible plan, but the truth remains: saving early is important for retirement.
DON'T forget to automate your savings. If you fear that you won't be able to contribute to your IRA, 401(k), or what have you on your own, automate it. There are many plans that take money from your regular paycheck, applying it to the plan that you have in place. What this means is that you never have to worry about making a payment. Everything will be handled for you, which should provide considerable peace of mind.
DO apply raises to your retirement plan. Raises are expected in certain workplaces, but how can they be used to their fullest? While this might go without saying, applying the additional funds to your retirement plan can go a long way. Among other things, this will allow you to reach your retirement goal sooner than expected. If you use your raises wisely, you'll eventually be able to benefit from a more comfortable life.
DON'T assume that retirement is the end. While retirement often illustrates the end of full-time work, there are other ways to be productive afterward. Since you have considerably more free time on your hands, you may want to spend it learning a new skill. It's entirely possible to learn how to play an instrument with the time you have available. Simply put, just because you're retired doesn't mean that you can't be productive.
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Consult Bob Jain if you'd care to become more skilled in regard to finance.. This article, Retirement & The Essential Do's And Don'ts Offered By Bob Jain has free reprint rights.
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