Five Retirement Savings Tips Retirement is never as far off as you think it is no matter what your age may be. In order to be financially secure when the time does come to retire, it is important you start taking the necessary steps today. Below are five retirement saving tips you can start putting into action today so that you are prepared to retire when you are ready.Set a Goal Have a realistic goal about where you want your finances to be when you retire. If you are honest about how much you want to save in order to retire, it will go a long way in helping you develop a savings plan. The best place to start when setting your retirement goals is to ascertain your retirement savings based on your financial needs. Save Early Don’t think that it is too late to start saving, but do remember that the earlier you start saving the more time your money has to grow. The compounding power of saving can become significant over time. Contribute to a Retirement Plan such as a 401(k) Contributing money to a 401(k) not only provides an immediate tax reduction, but in some instances is matched by the company you work for. Contributing money to a 401(k) is one of the easiest ways to save for retirement. Look into an IRA An IRA, much like a 401(k), can provide significant tax breaks. A traditional IRA offers tax-deferred growth while a Roth IRA offers tax-free growth (but doesn’t allow for deductible contributions). Talk to one of our tax professionals about each of these options. “Stock Up” For long term growth, a balanced portfolio of stocks may be your best solution. Your stock investment can increase at a higher rate than traditional savings. Beyond the tips listed above, there are some other creative things you can do, even after retirement that can lessen your financial burden upon retirement. For more information about steps you can follow to prepare for retirement, contact us today. We are a Gainesville accounting firm that has helped businesses and individuals for nearly 50 years. |
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Retirement Professionals Located in Gainesville, Georgia, BatesCarter is a full service accounting and business advisory firm that has served businesses and individuals since 1962. For more information about our approach to retirement plans, please contact us today to learn more. We look forward to exceeding your expectations. Always. |
