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Sunday, November 16, 2008
Have you ever sat down and figured out how much you need for retirement. You might have a 401 K and feel like that is enough. Do you know how much is in your retirement plan? Do you know how much you really need to retire? If you don't want to work into your eighties than it is time to think about retirement now.
When do you plan on retiring? Most people want to retire by 65. That means that your retirement fund will need to last you 20 to 25 years. That is a long period of time to save for so it takes real work to calculate how much you will need and how to get that much money.
In order to save money efficiently for retirement you need to have a goal amount that you want to see in the bank. You can calculate how much it will cost you to live each year of your retirement. Figure up you mortgage or rent, monthly bills, food costs, car insurance, clothing budget, travel budget, ect. Once you have a figure for a year's worth of living expenses multiply that by 20 or 25 to come up with a savings goal.
You may feel a bit overwhelmed by the amount of money you need to save. Before you lose hope check your 401K and find out how much you already have. Now determine how much you can afford to save each month. This means you need to make a budget for your life now. Cut down on your expenses by eating at home and cutting coupons. You might even think about getting a second part time job to give your savings a jump start and make up for lost time.
If the amount you need to save and the amount you can afford to save don't quite add up you can invest your savings to create a little extra income. Choose safe investments like CDs or high interest savings accounts. If you need help with this or other financial issues you can use an online financial calculator. There are many to choose from that are easy to use at www.personalfinanceissues.com.
With a bit of thought anyone can save for retirement. You just have to prioritize your life and your spending and you will find plenty of room in your budget to stash some money away for your future. Budget now and enjoy the future.
When do you plan on retiring? Most people want to retire by 65. That means that your retirement fund will need to last you 20 to 25 years. That is a long period of time to save for so it takes real work to calculate how much you will need and how to get that much money.
In order to save money efficiently for retirement you need to have a goal amount that you want to see in the bank. You can calculate how much it will cost you to live each year of your retirement. Figure up you mortgage or rent, monthly bills, food costs, car insurance, clothing budget, travel budget, ect. Once you have a figure for a year's worth of living expenses multiply that by 20 or 25 to come up with a savings goal.
You may feel a bit overwhelmed by the amount of money you need to save. Before you lose hope check your 401K and find out how much you already have. Now determine how much you can afford to save each month. This means you need to make a budget for your life now. Cut down on your expenses by eating at home and cutting coupons. You might even think about getting a second part time job to give your savings a jump start and make up for lost time.
If the amount you need to save and the amount you can afford to save don't quite add up you can invest your savings to create a little extra income. Choose safe investments like CDs or high interest savings accounts. If you need help with this or other financial issues you can use an online financial calculator. There are many to choose from that are easy to use at www.personalfinanceissues.com.
With a bit of thought anyone can save for retirement. You just have to prioritize your life and your spending and you will find plenty of room in your budget to stash some money away for your future. Budget now and enjoy the future.
About the Author:
Basdeo Paul is an internet marketer who owns the website http://personalfinanceissues.com, and wants to help people who struggle with financial problems. He introduced more than 35 financial calculators to estimate your budgets.
posted by Credit Counseling at
11:38 AM
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