Another year, another set of opportunities to grab and enjoy. Since this is also the time to reflect on your past experiences, take that opportunity to reflect also on your future. Think about how your life will become after you retire from work. It is interesting to think about what will be your experiences in the future. This 2018, as you create your goals, resolutions, and reflections, it is best also to take actions in retirement planning. As you tailor your retirement plans, it is a good idea also to know what experts are saying, and what others are doing. Make your retirement better than your parents or grandparents, here’s a roundup of best advice for retirement planning that you can include this 2018.
Jumpstart your retirement planning with the best advice from industry experts
Start now. It is never too early or too late to start planning and saving for retirement. The important thing is you started and planned your future. In fact, Rachel Morgan Cautero, a published managing editor at DailyWorth and writer, shares her best piece of advice regarding retirement planning.
“My best piece of retirement advice is this: Simply get started. I see so many people, especially women and those participating in the gig economy, who have not started saving for retirement due to lack of employer savings options like 401(k)s. However, saving for retirement is everyone’s responsibility, not just those who have a 3 or 4 percent match through their company. Open a traditional or Roth IRA, commit to a monthly contribution (I suggest 3 percent of your monthly income), max out your allowable contributions, and invest aggressively. Your future self will thank you.
It’s never too late. While it may be more difficult to develop a nice little nest egg at age 40 rather than 20, it can still be done. Invest aggressively, max out your yearly contributions, and commit to a monthly contribution. No one wants to be working when they’re 75 simply because they didn’t take the time to put away money for retirement when they were young.”
Start a business. It can help you as you stride your way to your retirement and accumulate more funds. Take it from the experiences of Benjamin of www.fromcentstoretirement.com,
“I’d say starting a business. The stock market is a way too bullish right now (it is, in fact, the second largest bull market in history) and many real estate markets are living giant bubbles. Starting a business was one of the best investments I’ve ever made in my life, and I certainly recommend it to others. In fact, I liked it so much that I started multiple businesses over time and there is no single business I regret having started – even those who failed taught me a lot.“
He also suggests saving in different contexts is important:
“Saving for retirement is one of the first recommendations I give my clients. There are many important things in this context, including planning life long term and don’t getting caught off guard and contributing to a healthcare plan that ensures that one is covered in terms of health. This is a key principle in most successful personal finance management books, and I am sure that is not for nothing.”
Maximize your savings. Saving and starting early is very important. Almost all of the expert shares this important piece of retirement planning advice. Here’ what Gary Weiner of Super Saving Tips says how you can shovel more savings for your nest eggs:
“Start putting money away every single week from the earliest age possible and being a part of the retirement plan at work if you have one. If there is a matching contribution in the plan, maximize the match because that is FREE money and no other investment for retirement has that. If you didn’t begin savings at your first job, the next best time to begin is always NOW!”
Budget well. Budgeting can help you attain your target retirement savings. Here’s what I got from Leisurefreak:
“The less you spend in your lifestyle will free up more income to put away for retirement. But budgeting doesn’t end once reaching retirement. It also must be part of your retirement planning. The lower your smart budget lifestyle is, the less you will need saved to pay for your retirement. Budgeting-well makes your target retirement savings amount easier to hit.”
Healthcare in retirement
Healthcare can take up the biggest chunk out of your retirement savings. Recent studies show that a couple may need about $275,000 to sustain their health care needs in retirement.
Not taking care of your health can have expensive consequences later on
– Leandro Mueller
With that in mind, we at FreeMedSuppQuotes highly suggests to include health care plans in retirement. Like saving, it is never too early to learn about the different options that will help you survive a health crisis in retirement.
The health care premiums that you will most likely have in retirement are Medicare, Medicare Supplement plan (Medigap), Medicare Part D and Long term care insurance. While the government provides Medicare at no costs, its other parts and supplements have premiums that you need to pay. Account those premiums and include it in your retirement budget. Requests for quotes ahead of time, do this especially if you are planning to cover the coverage gaps of Original Medicare with a Medigap. That way, you’ll be able to save more time shopping and have an idea about the price of the plan that you are eyeing for your future.
Check if your retirement plan is realistic and attainable by making a retirement projection. Roger Wohlner of Investopedia.com said:
“There are many retirement calculators available online, perhaps even through your company’s retirement plan provider. Some are better than others, so do a little checking regarding the methodology and the underlying assumptions. The better ones are great tools to give you an idea if your plans for retirement are realistic or not.”
Saving and planning are still the keys to a successful retirement. If you start early, you will still have time to tweak or improve parts of your plans. So what are you waiting for? Start planning your future today.