Retirement is a big deal and by the time most of us reach that point in life, we’ll wish we had put a bigger emphasis on it when we were young. In our 20’s and 30’s, retirement can seem like a long way off and it is easy to let it get out of our sights. Ironically, that’s the optimal age to begin thinking about and planning for retirement. The earlier you can start working on your retirement, the better off you will be.
Whether you are still in your 20’s and 30’s still or not, it’s never too late to start working towards retirement. Here are a few ideas on how you can set yourself up for retirement starting now:
Focus on Being a Planner Instead of a Saver
There is a difference between just putting money away in savings and actually planning for retirement. While both are good practices, saving money alone may not get you where you want to be by the time retirement rolls around. Planners are goal oriented. Not only do they set goals, they put a plan in place to reach that goal. This includes goals to pay off debt or boost credit scores.
You can better prepare for retirement by being a planner. Write your goals down and map out how you will achieve those goals. Be sure to follow up and hold yourself accountable to your goals.
Focus on Being Financially Secure Now
While retirement is important, you cannot expect to successfully retire by sacrificing your present financial security. Part of retirement includes how you conduct your financial life now. Are you focused on bringing in the right amount of money and using it appropriately? Do you live well within your means? Are you stretched thin? Are you incurring too much debt? These are important questions to think about that will definitely have an impact on your retirement.
Focus on Opportunities
Another important step on the path to successful retirement is to keep your eyes and ears open for opportunities. Some opportunities involve risk – that’s okay. Some mistakes are worth making because of the lessons you learn from them.
Opportunities that can help you get where you want to go may include going back to school for additional training, moving to city with better employment opportunities, or striking out on your own as an independent contractor.
Work With The Right People
One huge advantage that many people miss when planning for retirement is working with an accountant or financial planner that can help with important decisions. Hacker Accounting has been working with both individuals and small businesses in helping them efficiently plan a retirement that they can count on. We can help you stay on track with your investments and risks so you see the best possible outcome.
For questions about retirement planning, give us a call at 602-375-5251.