You might have been told numerous times, either by your parents, professors, or whomever, to start planning for retirement. As noble as this advice is, not everyone knows how to go about it in the best of ways. Fortunately, the steps toward a comfortable retirement aren't as difficult to take as you may think. Keep the following do's and don'ts, provided by the likes of Bob Jain, in mind so that you can live comfortably once you're done working.
DO save up for retirement sooner. There are many people that wait to save for retirement later on in life, which is a tremendous oversight. As a matter of fact, Robert Jain will recommend that you do so once you start working full time, provided your employer offers plans for such a purpose. Fortunately, many workplaces offer such plans as 401(k)s and IRAs to full-time workers. These will make retirement saving nothing short of a breeze.
DON'T forget to automate your savings. If you fear that you won't be able to contribute to your IRA, 401(k), or what have you on your own, automate it. There are many plans that take money from your regular paycheck, applying it to the plan that you have in place. What this means is that you never have to worry about making a payment. Everything will be handled for you, which should provide considerable peace of mind.
DO apply raises to your retirement plan. Raises are expected in certain workplaces, but how can they be used to their fullest? While this might go without saying, applying the additional funds to your retirement plan can go a long way. Among other things, this will allow you to reach your retirement goal sooner than expected. If you use your raises wisely, you'll eventually be able to benefit from a more comfortable life.
DON'T assume that retirement is the end. While retirement often illustrates the end of full-time work, there are other ways to be productive afterward. Since you have considerably more free time on your hands, you may want to spend it learning a new skill. It's entirely possible to learn how to play an instrument with the time you have available. Simply put, just because you're retired doesn't mean that you can't be productive.
DO save up for retirement sooner. There are many people that wait to save for retirement later on in life, which is a tremendous oversight. As a matter of fact, Robert Jain will recommend that you do so once you start working full time, provided your employer offers plans for such a purpose. Fortunately, many workplaces offer such plans as 401(k)s and IRAs to full-time workers. These will make retirement saving nothing short of a breeze.
DON'T forget to automate your savings. If you fear that you won't be able to contribute to your IRA, 401(k), or what have you on your own, automate it. There are many plans that take money from your regular paycheck, applying it to the plan that you have in place. What this means is that you never have to worry about making a payment. Everything will be handled for you, which should provide considerable peace of mind.
DO apply raises to your retirement plan. Raises are expected in certain workplaces, but how can they be used to their fullest? While this might go without saying, applying the additional funds to your retirement plan can go a long way. Among other things, this will allow you to reach your retirement goal sooner than expected. If you use your raises wisely, you'll eventually be able to benefit from a more comfortable life.
DON'T assume that retirement is the end. While retirement often illustrates the end of full-time work, there are other ways to be productive afterward. Since you have considerably more free time on your hands, you may want to spend it learning a new skill. It's entirely possible to learn how to play an instrument with the time you have available. Simply put, just because you're retired doesn't mean that you can't be productive.
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