Live the Dream: How to Save for a Comfortable Retirement

Thursday, January 15, 2015, 6:00 AM | Leave Comment

For many, the thought of being financially secure enough to stop working is appealing. While it may take many years of hard work to achieve that goal, it is possible to retire comfortably.

Let’s take a look at the steps that you can take to save enough for retirement and enjoy your time off.

How to Save for a Comfortable Retirement

  • Start Saving as Soon as Possible

    The best way to have enough to retire on is to start saving as soon as possible. Through the process of compound interest, you can turn $10,000 into $150,000 over 30 years just by putting it into the stock market and letting the market do the rest.

  • Don’t Take on Debt That You Can’t Repay Without a Paycheck

    Making your money last longer is easier when you don’t have a lot of debt. If your house is paid off, you don’t have to worry about where you will live.

    Additionally, you can decide to sell the house and live in a Crimson Ridge Meadows retirement community. This gives you the flexibility of living in a place that meets your needs while having enough money to travel, start a business or do whatever else you want to do with your life.

  • Your Portfolio Should Work for You after Retirement

    The money that you put into the market should continue to earn you money after you retire.

    Investing in rental properties when you are young can help you earn returns of 10 percent or more per property.

    Income funds also do a good job of preserving your money while still earning enough of a return for you to live on.

  • You Don’t Need to Support Your Adult Children

    If you have kids, you are only responsible for them until they turn 18. While you may allow them to live with you, you shouldn’t be paying their bills unless you can afford to do so.

    By putting your money to work to fulfill your own needs, you can achieve a more comfortable retirement without the stress that comes with not having enough money to live your preferred lifestyle.

If you are looking to life comfortably in retirement, the key is start planning as soon as possible. It is never too early nor too late to think about your future.

Whether you are 25 or 55, there are things that you can do to ensure that you have the ability to live your life the way that you want to.

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