How To Save For Retirement—(By Doing This)

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Save For Retirement
How To Save For Retirement


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.

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.

Make Investments

  • Invest in real estate. Buying a rental property can be a great way to earn passive income, but there are some essential 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.

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 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 traveling 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 money.

Budgeting will allow you to make a plan for every dollar so you will have a clear idea of how you spent your money, this you to stop spending 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)

It is ok to treat yourself once in a while, but there is no need to overdo 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 is credit card debt. Please do not borrow to pay them down; it does not make sense; find other means of earning money to pay off your debt.

There are  many side jobs you can do

  Freelance Your Skills

One of the best benefits of freelancing is the ability to set your own schedule to work as much or as little as you want.

There are many businesses in need of part-time services, creating many opportunities to make money on the side.

Just about any skill that 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 in blogging, which is my favorite.

  • Blogging: It has many benefits you get to share your passion, hobbies and the added benefit of earning 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 purchases a product by clicking on the ad, which takes them to the online store where they make the purchase.

Affiliate Marketing is an excellent way not only to earn active income, but your earning could also become a passive income earner as well.

There is no inventory to keep with affiliate marketing, no staff to pay, no building to maintain, and you can start for free.

Wealthy Affiliate

Many platforms will allow you to start for free or at a meager cost, but 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 a phase1 of what I consider the best training manual for online marketers. ONLINE ENTREPRENEURS COURSE phase 1 consists of 10 lessons.

At the end of these lessons, you will have a beautiful WordPress website ready for business, fully functional, free hosting, free backup, and 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

getting your site ready for search engines
Getting yore site ready for search engines

Premium Membership

Of course, there is also the premium membership that does cost, but there is so much offered in the premium package, I think it is worth it.

This is the cost of the premium package, and 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.

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 are 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, and you will have to be determined, patient, disciplined. I saw a quote that describes entrepreneurs as  living a few years of their 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 customer’s 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 to 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).

6 thoughts on “How To Save For Retirement—(By Doing This)

  1. Great article. Hard to believe how much money it takes to retire. I didn’t know about the amount you should have saved at 30 and 40. Good to know.


    1. I was in awe too when I started to do research for my niche I did not know retirement cost so much money.
      So, we just have to realize that retirement may not mean a lot of Cruzes, but may mean being able to survive daily, you just have to start planning for retirement early in life, fortunately, there are a lot of aids to help us to get there. Thank you so much for your comment and wishing you all the best.

  2. Hello,

    When we stop thinking about I can’t do this and I can’t do that and start working for our goals we can achieve the impossible. Saving money for retirement or investing money in something is a great way. But the questions is, is it really enough?

    The answer, in my opinion, depends on individual goals. If you have BIG goals then these are not enough. Online business, freelancing is so popular and actually giving good income. Personally, I became a blogger and an affiliate. Not only that I started my own eCommerce business. Why? because I want to have a great retirement with huge goals!

    Your article hit the spot! and wealthy affiliate is the big deal for any blogger.

    Thank you for this article.

    1. Thank you so much for your comment my favorite quote is Whatever the mind of man can conceive and believe, it can achieve.” – Napoleon Hill, we just have to be patient and work and apply ourselves and remember that we may spend a few years not seeing our reward for all the work we put in but in the future, our reward will be sweet.
      Thank you for your comment, I really appreciate it and I wish you much success.

  3. Hi Ruthlyn,
    Thank you for writing this great article and doing the research for the numbers or retirement. It shook me up a little, but that’s a good thing. Now I know I have to work smarter to get those goals met and save up for early retirement.

    Best of luck to you on your business and making people smarter about their retirement.

    1. Hi, Nanda thank you for taking the time to read and respond to my post it is appreciated. The results of the research shocked me too, I am retired but never in my wildest dreams did I think the cost of retirement would be co high, I am glad you are taking the necessary steps to avoid the crisis that people in the economic world think is coming.

      Wishing you all the best in your endeavors to avoid the crisis.

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