How To Save For Retirement
We all know it’s important to save for retirement. But too much of us have not done so. Some of us have put off saving for retirement, for one reason or another and now we are nearing retirement we discover we do not have money saved for retirement.
Just how much money will we need for retirement? No one knows for sure some financial experts suggest between $500.00.00 to $1,000000.00
It is suggested that you should be saving at least 20% of your salary per month
According to an article published by Bankrate online magazine Fidelity recommends certain levels of retirement savings as you age. For instance, at age 30 you should have at least your annual salary saved. When you turn 40, you should have three times your salary. And at age 50, you should have six times what you earn annually saved for retirement. By the time you turn 60, the goal is to have eight times your salary saved – and it should reach 10 times your salary by age 67.
Now I know for some of us this might be an impossible task given when we are in so much debt. But first things first, try to pay off or pay down your debt. You can increase your income with a side job.(Check out online marketing here)
According to Financial Expert, Dave Ramsay published on his website.
Open a taxable investment account. In most cases, you can’t take out money from your 401(k) or IRA before age 59½ without facing an early withdrawal penalty. The way around that is to open a taxable investment account. You can put as much money as you want into the account and take money out whenever you want, but you’ll have to pay taxes on any money your account earns.
- Invest in real estate. Buying a rental property can be a great way to earn passive income, but there are some very important guidelines I want you to follow—like staying local and having an emergency fund set aside just for your rentals. But the most important one is this: I want you to pay cash for your real estate investments—no exceptions. Don’t put yourself at financial risk by financing a rental property. It’s a bad idea.
- Take advantage of your HSA. With an HSA, you can save—and even invest—money to pay for deductibles and other medical expenses tax-free. And once you turn 65, your HSA acts like a traditional IRA—which means you can take out money for anything you’d like. But you’ll pay taxes on it when you do—just like a traditional IRA.
There are many retirees, myself included wish we had saved more, The truth is that saving for retirement is a challenge, especially with dealing with the current expenses.
But there are some steps that we can take it may seem to be insignificant but when pooled together it may turn out to be some significant savings hiding in plain sight right there in your budget.
Cut down on your cost of living
Any pay increase you may get, do not spend it, save it I know the tendency is to spend on things we think we need or want, like an upgrade of our household furniture, or car, or travelling to that hot vacation spot. But quench the urge, you will be happier in the long run.
Make a monthly budget and stick to it, with a monthly budget you will be better able to control your spending and your money.
Budgeting will allow you to make a plan for every dollar that way you will have a clear idea how your money was spent.
Stop Overspending on Non-Essentials
Cut out things and activities that are not essential like going clubbing every Friday and buying those expensive drinks. Or buying those extra pair of shoes that are not needed, but they are cute (guilty)
Its ok to treat yourself once in a while but there is no need to over do it. Remember there is a time coming when this money spent will be needed
If $150.00 can be saved by cutting down on your non-essentials, in the 15 years that $150 per month would be $70,000.00 that means your retirement savings would be better by $70,000.00
Pay down your debt it is stated that at least 31% of our debt are credit cards debt, please do not borrow to pay them down it does not make sense, find other means of earning money just to pay off your debt.
There many side jobs you can do
Freelance Your Skills
One of the best benefits to freelancing is the ability to set your own schedule work as much or as little as you want.
There are many businesses in need part-time services, creating many opportunities to make money on the side.
Just about any skill you have can be sold including web or graphic design, bookkeeping, virtual support services, teaching, writing and more.
Blogging, Tutorials, courses, Books
The Internet has made learning new things easy and affordable. I know I have solved many problems by just looking for it on YouTube, and the chances are 9 times out of ten I will find a YouTube video that will show me how.
You may not be paid for the actual video but YouTube does offer ways to monetize your videos with advertising
So if you have a particular skill you can make a how to training video and make some extra cash helping others.
Another way to earn money is blogging, which is my favorite.
- Blogging:Has many benefits you get to share your passion, your hobbies and the added benefit of being able to earn from it.
- There are several ways to make money from a blog but the best way I think is affiliate marketing.
- Affiliate marketing is promoting products through your blog and earn a commission when a customer purchase a product by clicking on the ad which takes them to the online store where they make the purchase.
Affiliate Marketing is a very good way to not only earn active income but your earning could also become a passive income earner as well.
With affiliate marketing there is no inventory to keep, no staff to pay, no building to maintain and you can start for free.
There are many platforms that will allow you to start for free or at a very low cost, but at Wealthy Affiliate, is the only platform that I am aware of that will allow you to remain free. There is no expiration date.
With the free lessons you will receive phase1 of what I consider the best training manual for online marketers ONLINE ENTREPRENEURS COURSE phase 1 consist of 10 lessons and at the end of these lessons you will have a beautiful WordPress website ready for business, fully functional, free hosting free backup, you also have access to 2 websites and 12 themes to choose from and much more
And to obtain this offer you will not be asked for any financial information, you will only be asked for your name and email address, so check it out you have nothing to lose.
Here is a video of one of the free classes
Of course there is also the premium membership which do cost, but there is so much that is been offered in the premium package, I think it is worth it.
This is the cost of the premium package, there is a discount on the first month if you upgrade to premium within the first 7 days of becoming a free member, you only pay 19.00.
What some members have done, because they wanted to see just what is being offered in the premium they went premium using the discount, you could do that too and I know you will be impressed like I was here is the premium billing options
AT Wealthy Affiliate you will be surrounded by a community of people with the same mindset one of being successful entrepreneurs, so the members of this community will be there to assist you in any way they can, and we are available 24/7 because we are drawn from 193 countries there are people from different time zones, so someone is always there, you will never be alone.
We also have an awesome Tech support team they are also available 24/7 and you can access them right from your dashboard not like some others where you have to dial out to an 800 number and a cost is charged to you. Everything is included in the package.
Now I am not saying you will achieve success with little or no effort, you will have to be determined, patient, disciplined I saw a Quote that describe entrepreneurs as living a few years of your life like most people won’t, so you can live the rest of your line like most people can’t
The affiliate marketing business is like any other business you have to work at building your business, building your customer base and your customers trust and this takes time,
So I am encouraging all those soon to be retirees, retirees, stay at home parents and anyone who needs to make some extra money look into affiliate marketing, and the best training platform built for every marketer whether no experience some experience or a super affiliate and that is Wealthy Affiliate
You can become a member of Wealthy affiliate by clicking on any of the links in this post and I will be your personal coach. You can try affiliate marketing for free, hoping to see you on the WA platform.
Thank you for stopping by please remember to share, leave all questions and comments, in the space provided at the end of this post, and I will reply.
NOTE: This post includes affiliate links, which, if clicked on and a product purchased, I get a small commission (with no increase in cost to you).