Tag: savings

Key Things to Winning at Your Retirement SavingsKey Things to Winning at Your Retirement Savings

10/01/2023 | Randy Klein | 0 Comment | 05:28

A recent study shows that a shocking number of people are ill-prepared for retirement. In fact, many people have no idea how much money they will need to retire comfortably. We all agree that we want to make sure we have enough money saved up so that we can live comfortably in our golden years. But how do you know if you’re on track? And where should you be focusing your energy when it comes to saving for retirement? In this blog post, we will pinpoint the key things you need to remember to win your retirement savings.

Total Annual Living Expenses in Retirement

When it comes to retirement planning, one of the most important things you need to consider is your total annual living expenses in retirement. This includes all your monthly bills (electricity, water, mortgage payments, etc.), any travel or entertainment costs you might incur while retired, and any other necessary purchases, such as groceries. It’d best to get a realistic idea of what you might need in terms of money each year for expenses. This will help you determine how much you should be saving each month to reach your retirement goals.

Maximized 401(k) Fund

savings One of the best ways to save for retirement is by maximizing your 401(k) fund. Your 401(k) plan allows you to accumulate pre-tax contributions, which can help you save considerable money over time.

Additionally, employers typically match employee contributions up to a certain percentage, which means that the more you contribute, the …

09/07/2016 | Randy Klein | 0 Comment | 14:52

Acquiring wealth and sustaining it can be quite tricky for some people. It is important to have financial knowledge so as to avoid situations like bankruptcy. Here are some of tips one can use to accumulate their wealth

INCREASE SOURCES OF INCOME

Increasing sources of income is a sure way to increase earnings. The challenge is to be passionate about the projects beingundertaken so that one does not lose focus along the way. Besides that, if one wants to invest, research is encouraged so that losses may not be incurred. Other than that, the more the sources of income earned, the more one can invest or save. All that facilitates accumulation of wealth and financial security.

REDUCE WASTEFULNESS

Wastefulness often leads to debt. Most people have a habit of being extravagant. Impulse buying is a major problem people have. To avoid being extravagant, one should only get items they need. The rest of the money can be put aside for future usage or savings. Credit cards are highly discouraged because they encourage heavy spending and they attract interest. They should only be used when it is extremely necessary.

SET FINANCIAL GOALS AND MAKE A BUDGET

Many people fail to see the need of preparing a budget and setting financial goals. This is a simple thing to do that will make one avoid debts and be ahead financially. Goals should be set realistically according to an individual’s income. The goals should entail what is to be spent and what is to …