Saving more for retirement is a top priority. The problem is most people don’t use the techniques that will let them to save even more for retirement, while at the same time enjoying their current life.
Here are a few techniques that will help you save more for retirement, and enjoy a better life during those golden years.
According to Market Watch on The Wall Street Journal, first set a real goal. It might be “I will have $1 million by age 60” or “I will retire at 65 with 100% of my current income.” However you phrase your goal, definitely write it down — on paper. Then consider these simple habits, phrased as resolutions. All of these will allow you to put more money into your retirement, without breaking your current bank account.
- Try to Spend Less This Year Than Last Year
- Periodically Rebalance Your Retirement Accounts
- Save More This Year Than Last Year
- Take Full Advantage of Tax Breaks
- Set An Example for the Rest of the Family
Some of these may sound simple, but they may be tougher than you think. Saving more and spending less can be difficult, especially with all of the things that you currently pay for. Moving some money around, cutting out unneeded habits from your life, and maintaining goals will help put more money into your retirement savings account.
Start this year off the right way — by making the decision to save more, spend less, and plan for the future, so that you know your retirement fund will be everything you need — and more — to enjoy your twilight years.