Retirement is something all workers should look forward to doing. It is a period of rest after many years of exemplary service. Retiring from service is not only applicable to government workers, those working in a private establishment, as well as other non-governmental organizations, will also retire at a particular time.
While the retirement period is a period of rest, it can be frustrating if there is no financial preparation. It is therefore essential for workers to prepare adequately for their retirement not minding the retirement package put in place by their employer. An excellent way to put up a secure financial backup for retirement is saving. It pays to focus on how you can save towards your retirement.
Here are some useful pointers and suggestions that will help you start to save effectively towards your retirement:
Start Early
The most useful advice on how to save money for retirement is by starting early. When you start early in your career, you would have saved a considerable amount of money before retirement, giving you something worthwhile to fall back on when you retire. A lot of workers start saving late thinking that they have plenty of time ahead of them. Most of those workers end up saving nothing at the end of the day.
Clear all debt
Debt is one of the hindrances to retirement savings. Though it is not comfortable paying off your debt as soon as you can but clearing all your debt means freeing up more money for retirement savings. So, to ensure you have enough money to save, try to be debt-free to enable you to have enough funds for your upkeep and your retirement savings as well.
Prioritize your Pension
There are lots of reasons to save; you can save for a home, car, holiday, retirement and many other things. You must decide what your priority is, whether you are saving toward buying a new car, building a new house or you concentrate on your pension. Focusing on your pension funds may seem to be of no benefits while you are still working, but you will understand better when you retire.
Set a goal
Setting a firm and realizable goal is a way of motivating yourself to put a particular sum of money aside for your retirement. There are numerous benefits of setting a goal when it comes to retirement savings. Apart from motivating you to do your best, a goal will always give you a target to meet.
Speak to a certified financial advisor if you have trouble figuring out a viable retirement plan.
About the Author
Kyung Kim
Hi, I'm Kyung Kim. I immigrated from South Korea to the United States in 1968 when I was 7 years old. I have seen my mom struggle with the English language and work hard to raise her four kids by herself. Still to this day, I don't know how she pulled it off, but she bought her first home in 1979 for $70,000 and because of that decision, she was able to live without worrying about her financial future. I want that for everyone, to feel the pride of home ownership and to build their financial wealth using real estate as part of their financial portfolio. I feel so blessed to play a small role in helping others reach this goal.
I live in Beaverton with my husband, Richard. My mom, who lived with us for several years, passed away in our home in February 2022. Her first home purchase in 1979 made it possible for her to live to the very end, without worrying about her finances. As of August 2022 with a little downpayment assistance, our four children own their own homes. Being in real estate, I quickly realized that if they didn't buy now, they may be priced out of the market in the future. Whether that would have been the case, we will never know, but what we do know is that they are all realizing some good, healthy appreciation in their home values.
As passionate as I am about people owning their homes, I'm also passionate about giving back to our community. I support Compassion First, a non-profit organization that provides aftercare for sex trafficked girls in Indonesia. My husband and I also feel called to financially support social injustice organizations.
I'd love to assist you. Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. I'd be honored to put my real estate experience to work for you.
