Have you started retirement planning? Our credit counseling advice is to start now. It’s a great idea to stay current with the markets and financial strategies as well as having a sound background in retirement tips. Check out the following headlines on retirement savings in 2020 to start evaluating your finances.
Headlines on Retirement Savings in 2020
Here are 4 headlines from the past week to jump start our conversation on retirement savings in 2020:
- Why maxing out your retirement fund may actually hurt your finances by USA Today
- Here’s what happened to the stock market on Thursday by CNBC
- Growing number of workers plan to never retire by Yahoo! Finance
- Where Not To Die In 2020 by Forbes
Retirement Saving Tips
As you prepare yourself to start making some smart retirement moves, it’s important to get a few more bits of advice. The Talking Cents Blog loves to encourage financial preparedness. Additionally, it’s a great idea to speak with a financial planner and other friends and family who have a knack for this.
To get started, answer these retirement questions to help you calculate your financial needs:
- Lifestyle- comfy and casual or globetrotting?
- Inheritance for the kids?
- Any expected costly medical needs?
- Have you started investing yet?
- When do you want to retire?
Additional Retirement Tips
- Start investing a certain percentage of your income every year. Increase the amount until you hit 15%.
- Don’t remove money from your retirement funds.
- Compound interest works especially hard the longer you invest. Don’t wait too long to invest or get too side tracked trying to pay for your kid’s college education.
- Contribute to your employer’s 401(k) plan at least enough to max out the employer contribution.
- Change your investment risk throughout the years- more risky and aggressive while young to very safe and stable near retirement.
If you’re struggling to pay off debt, ACCC can help. Schedule a free credit counseling session with us today.