You might have been told before that the earlier you start planning for retirement, the better. While this is a commonly repeated nugget of wisdom, the truth is that many people don't know the specifics of retirement planning. Fortunately, authorities on finance like Bob Jain can provide the assistance you need. With the following do's and don'ts in mind, you'll be able to enjoy a comfortable life once you cannot work any longer.
DO save as early as possible. The cardinal rule of retirement planning, according to Robert Jain, is to save for retirement early on. Not everyone can do this in their early 20s, for example, but it's entirely possible to do so once you have a full-time job. This is especially true if your job has a 401(k) or IRA system set up for its employees. When you start saving early on, it can make a considerable difference later down the road.
DON'T forget that your retirement saving can be automated. Yes, you can actually use an automated system to contribute to your retirement plan. There are many plans that allow this, meaning that you won't have to make manual contributions from your paycheck. The system will take care of such matters for you. For those that would like to save time, in terms of retirement or otherwise, this is an important step to take.
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 as early as possible. The cardinal rule of retirement planning, according to Robert Jain, is to save for retirement early on. Not everyone can do this in their early 20s, for example, but it's entirely possible to do so once you have a full-time job. This is especially true if your job has a 401(k) or IRA system set up for its employees. When you start saving early on, it can make a considerable difference later down the road.
DON'T forget that your retirement saving can be automated. Yes, you can actually use an automated system to contribute to your retirement plan. There are many plans that allow this, meaning that you won't have to make manual contributions from your paycheck. The system will take care of such matters for you. For those that would like to save time, in terms of retirement or otherwise, this is an important step to take.
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.