I know it doesn’t bare thinking about, but one day, you’re going to get old. It’s not a fun thought, is it?! Still, that means you should have one eye on your retirement. It’ll come sooner than you want it to, and when it does, you need to be able to live comfortably. You might not know anything about retirement savings yet; you might be a real whizz. Either way, it’s time to start looking at it in detail.
Get Any Debts Under Control
It all starts with this. Before you can start planning for the future, you need to make sure you’re comfortable in the present. Start by consolidating those debts if necessary and finding a way to condense them however you can. You don’t want this hanging over your head as you start trying to save for the future.
Are You Late To The Party?
Have you been neglecting your retirement savings all these years? What were you doing?! Don’t worry, there’s hope yet. If you’re over 50, you can start taking advantage of catch-up contributions. Basically, when you’re young, your contributions to IRA’s and 401k’s is limited. When you hit 50, you’re able to go over those normal limits with the catch-up scheme. So, even though you haven’t saved as much as you’d have liked thus far, you can make up for that. All is not lost! (Read More)
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