If you’re keen on retiring in style you’ll need to accomplish a number of tasks and meet a number of goals in order to do so. We’ve put together a list of 10 of the most important of them for you, so that you can get started ASAP. Read them, enjoy them and then put them into play if Retiring with plenty of money is something that’s important to you (as it should be). This is Part 1. Come back soon for Part 2 (if you like Part 1 of course.)
Task 1) Make a plan. There’s an old cliché that goes like this; nobody plans to fail but many fail to plan. Simply put, if you don’t set goals and make plans now you won’t have money later. Anyone who is truly successful planned that success and, if your wish is to retire in relative comfort, you need to plan also.
Task 2) Start saving as soon as humanly possible. This may seem obvious but the simple fact is that very few people make saving money a priority. Putting your savings on auto-pilot is a great way to get started, like letting your employer deposit 10% of your pay directly into a savings account and using the 410(k) plan that they offer.
Task 3) Take some risks. Simply put, fixed-income investments and CDs aren’t likely to make you enough money to retire wealthy and inflation as well as taxes are going to take a huge chunk out of them. Asset-allocation investments are the best and, although they are risky, they will generate the kind of returns needed to get the job done.
Task 4) Put aside money for a ‘disaster’. This one means simply that you need to accept the reality that long-term planning comes with the occasional setback. If you’re prepared for these you’ll be able to weather the ups and downs without losing everything.
Task 5) Increase your savings every year. As you get raises, take better jobs and make more money make sure to put more and more of it aside as you go. Another task that seems simple yet also seems to fall on many deaf ears.
While some of these Tasks may seem simple they truth is that they are powerful factors for making sure that your income now, and your retirement funds later, are as well-used and as healthy as possible. Join us back here for Part 2 soon and 5 more Tasks that you’ll need to get done if retiring with abundant amounts of money is your ultimate goal.