Technology: 5 ways to heap up savings before you retire - - PressFrom - Canada
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Technology5 ways to heap up savings before you retire

18:15  16 may  2019
18:15  16 may  2019 Source:   moneytalksnews.com

3 Ways to Downsize and Save

3 Ways to Downsize and Save It's not just about the house anymore. Downsizing is also about cutting out the bloat in your finances — in ways that also give you more free time and less stress.

Following are six ways to pile up cash before you retire . 1. Make it automatic. An individual retirement account is one of the most popular ways to save for retirement given its large tax advantages. You can adjust your inputs to see how various actions, like saving more or planning to

Some people hope to retire early. Others expect to retire a bit later, while still others worry they’ll never be able to quit working. Wherever you fall on this spectrum, chances are Fortunately, that’s possible if you ’re willing to develop a few good habits. Following are six ways to pile up cash before you retire .

Some people hope to retire early. Others expect to retire a bit later, while still others worry they’ll never be able to quit working.

Wherever you fall on this spectrum, chances are good that you would worry less if you could just save a little more. Fortunately, that’s possible if you’re willing to develop a few good habits.

Following are six ways to pile up cash before you retire.

1. Make it automatic

Don’t wait until you have “extra money” — there’s no such thing. Find an amount you can save, even if it’s just a little, and get started.

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The single best thing you can do is automate. That means having money automatically transferred from a paycheck or checking account into savings. Start with the max you think you can afford. If you guess wrong, you can always reduce the amount later.

Consider your retirement savings as an obligation, no different than any other bill. Because unless you plan on working until the day you die, that’s exactly what it is.

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2. Spend less with a budget

A 25-year-old who sets aside just $12.50 a week — the equivalent of a meal out or a few coffees — and invests it with an 8% return will have more than $180,000 at age 65.

What makes that number more incredible is that fact that you only have to invest $26,000 over four decades to turn it into more than $180,000.

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5 tips to help your money last until you're 100 Once you're getting close to retiring, there are a few strategies you can use to stretch the savings you have, says a financial planner.

A straightforward way to catch up on retirement savings is to take full advantage of an IRA and 401(k), says Greg McBride, chief financial “ You ’re really burning the candle at both ends when you retire too early because you ’re drawing down your nest egg for expenses instead of contributing and

There are many ways to cut costs without sacrificing the quality of your retirement . Contributors have expertise in areas ranging from personal finance to retirement lifestyles, and include Live and Invest Overseas, Good Financial Cents, The Money-Guy Show, Retire Before Dad, Social Security

Where do you find extra money? Start by seeing where your money is going now. Track your expenses, then categorize them with a simple spending plan.

Once you learn what you’re spending on, you’re likely to see places you can save a buck or two. Take those savings and divert them to retirement savings.

Related: The Shortest Path to an Amazing Retirement

For more tips on building a budget, check out “Resolutions 2019: Budget Your Way to Financial Goals” Then, check out You Need a Budget, a Money Talks News partner that helps you spend and save more wisely.

3. Destroy debt

Every dollar you pay in interest on a debt is a dollar that won’t be making your golden years gleam. List your debts and choose one to focus on. When it’s gone, add the amount of those former payments to paying down the next debt on your list.

Find whatever extra money you can wherever you can and increase your debt payments — always pay more than the minimum.

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One way to make an event stressful: head into it unprepared. If you ’re within five years of retirement , don’t procrastinate. Five years may seem like a long time, but it goes fast. And research shows those who start planning at least five years out have a happier retirement . There is nothing to lose and only

Saving a lot of money isn’t the only way to retire young. Cut expenses. Many financial planners recommend that you replace 80 percent of your income before you retire . This is good advice for the general population, but it is very difficult to achieve.

Remember, minimum payments are designed to benefit lenders, not you. Your credit card company doesn’t care when, how or if you retire. Borrow as little as possible, and never for things that go down in value.

For more tips, check out “Resolutions 2019: Crush Your Debt in 3 Simple Steps.”

4. Earn more on your savings

Keeping your money in low-yield bank accounts is safe, but that protection comes at a price. If you set aside $200 a month for 40 years and earn 1% interest on it, you’ll end up with around $118,000. Earn 8%, however, and you’ll have closer to $700,000. Earn 12%, and your savings will swell to more than $2 million

Too many people are fixated on working hard for their money, rather than making their money work harder for them.

How do you earn more than the measly interest rate available at the bank? Explore alternatives, from stocks to real estate. If you are considering the latter option, check out Fundrise.

5. Make more

What you earn now influences what you can put away for later. In addition, Social Security benefits are related to lifetime earnings. So, making more today will mean bigger Social Security checks tomorrow.

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Ways to Protect Your Retirement Savings . How to Retire in Canada. Research the costs and legal implications before moving to Canada for retirement . Signs You 're Ready to Retire . Sometimes your emotions can be more of an obstacle to retirement than your finances.

Retirement is an excellent time to take stock of what you have and what you want. If you know what is most important to you , you can set goals and figure out a way to achieve your highest priority. Retiring abroad can offer adventure and a dramatic reduction in cost structure for your retirement .

No matter who you are, there are ways to make more money. That’s true even if you already are retired and want to make a few more dollars on the side. For more, check out “11 Overlooked Ways Retirees Can Make Money.”

Learn everything you need to plan your dream retirement

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You're going to get expert, personalized advice. You'll have access to the latest tools. And when it's complete, you'll be able to approach your retirement confidently and with peace of mind.

It's time to plan the best years of your life. Let's get started.

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