How to Prepare for Retirement

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How to Prepare for Retirement

It is never too early to prepare for retirement. Many financial institutions have a variety of ways to help us start saving now. Our place of work sometimes offers a 401k that allows us to contribute each payday. A great thing about this, sometimes our employer will even offer a 401k match. Saving for our retirement does not have to be stressful; taking baby steps today–could mean giant leaps tomorrow. We will touch on some tips in this article to provide strategies and tips on planning. Before we pay any of our bills, there are no laws against paying ourselves first. Especially if that money goes into an interest-bearing account that will increase in value. Put money into stocks, invest in companies that catch interest, and pique curiosity. If it is profitable, why not? Father George Rutler still works every day at age 76, with no signs of slowing down. However, his retirement advice should be heeded as high praise for our senior citizens, who should reap the rewards of their hourly wages–if you can, keep putting forth the effort of a hard day’s work. It will keep our brains youthful. Other factors to follow as we prepare for retirement can be mutual funds, which we put an allotted amount of money into each month—letting a professional financial advisor invest in a variety of stocks. Not all financial advisors are out to steal our money; even still, it is always a good idea to do some homework and find the right financial advisor that will serve all of our needs. Oddly enough, there are a number of people who do not trust our government and banks and manage to save cash money in their mattresses. Of course, that is one way to do it, but a bank or credit union would still be my choice because we have been assured that another Great Depression could never happen again. Father George Rutler suggests everyone keep a positive attitude as they continue working hard because time is money. The more time you put in, the more money you are supposed to receive. Avoid getting trapped in credit card prison, and if it costs too much, then it is not worth putting on credit. Interest fees are incredibly high, and we all, or most all, manage to get stuck beneath these fees. On most credit cards, their interest rates average between 24.9 percent and 29 percent. At the same time, we prepare for retirement, probably a good idea to keep our distance from these kinds of credit cards. As previously mentioned, preparing for retirement should not be too difficult if we take baby steps. Get involved with the employer’s 401k program, find a bank that offers a good interest rate on savings, invest in the stock market, and find a good financial advisor to buy mutual funds. If not already tied and bound to high-interest credit cards, stay clear of them. Just paying minimum payments will never untie the ropes. If possible, work well beyond the traditional retirement age.