Retirement Savings And The Jones  

     There millions of people in the United States who are over 40 and do not have a decent retirement saving. What most of these people do not realize that in order to have a worry-free retirement life, they will have to save every penny from now on until they retire.

      If you fall in this bracket, then you need to first sit down and estimate how much money you will need in order to retire. There are many methods which can help to ascertain the amount and there is no need for complete accuracy. The idea is to get a ballpark figure by taking into account your expenses now and after retirement, and the money you intend putting away for retirement. If you want, you can make use of online retirement calculators.

      Once you know the amount you would require after retirement, you have to turn your attention to your income. For this you have check to see from which all sources you will be getting money after retirement. Here you can take into account Social Security, a pension from your employer and / or expected value of your retirement savings plan like a 401k.

      Now you have to start looking for ways to bridge the difference between your retirement income and expected expenses. One of the best ways of bridging this gap is by contributing the maximum amount in a retirement savings plan. This money will come out directly from your paycheck so you will not see it until you retire.

      It is very easy to do what the Jones do. However, you have to remember that one shoe does not fit all. You have to make a retirement saving plan that suits your lifestyle and requirements. If it means contributing to a Roth IRA, you should do it. If you are under 50 years, you be a little aggressive in your investments by investing in stocks and mutual funds. In addition, if you feel you have to cut down your spending, you should do it without hesitation. A good idea would be to try and live on your expected retirement income. This will let you see if what you calculated is possible. Sometimes you might have to take on a second job to help your prepare for retirement. Above all, start working toward debt elimination as paying interest means taking away funds from your retirement savings.

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Retirement Savings And The Jones






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