Saving for Retirement: It’s Not So Complicated!
Many of us have had days where we find ourselves fantasizing about the year we can finally retire, kick up our feet, and celebrate! But many of us also feel the pressure to have enough savings to retire comfortably. Here are 3 simple ways to keep the weight of funding your retirement from adding stress to your life:
- You’ve Got It Under Control: You’re less likely to feel overwhelmed if you plan ahead. For example, you can decide set 15% of your salary aside for retirement. If that’s too large a portion, start with what you can manage, and pursue professional growth to allow you to afford more. Relax, and keep working toward this long-term goal.
- Pay Off Credit Debt: Prioritize paying off your debt, before it accrues interest and takes away from what could otherwise have gone toward an enjoyable day of retirement. Give yourself peace of mind by going debt-free!
- Live for the Future: Our daily choices can have a major impact on our ability to save. Bring a lunch to work, rent out spare rooms, or hold a garage sale. You may even want to consider a more drastic change, like relocating to a more affordable area, if you are struggling to get a retirement plan off the ground.
You might not think you need to live frugally now, but remember, you’ll need to account for inflation over the next ten, twenty, and thirty years.