If you’re looking to make a plan for retirement, obviously it includes a savings plan. Here are a few steps to help you get on the right track toward saving aggressively toward your retirement goals.
Don’t rely on Social Security alone.
For nearly everyone, Social Security payments won’t be enough to sustain you. Creating a budget and savings plan now are essential to retiring comfortably. Given volatility within the political climate, there’s no guarantee as to how many generations this program will remain viable. Don’t put your faith in someone else when it comes to your financial wellbeing.
Cut the Credit Cards
Consumer debt has been on the rise in the USA for a long time, and it passed $1 trillion in 2017. If you’re currently behind on your credit card payments, you’re not alone. CreditGUARD has helped many in your situation take back the reins of their finances and move toward a viable solution.
Less credit debt means fewer monthly payments and more disposable income.
Pay off your Car
If you have a car payment and you’re getting ready to retire, rethink that car. If you can, pay off the balance while you’re still working. Carrying a car payment into retirement is an unnecessary drain on your finances. Consider downgrading to a more affordable car as well, depending on your needs and lifestyle requirements.
Mortgage? Pay it off!
Many people enter retirement still owing on their home. Much like the example of the car, it’s best to have as few payments as possible. A truly debt-free retirement doesn’t include a mortgage payment. Is there a way you could pay off your house sooner before retirement? Consider using a “snowball” technique. Take your monthly debt payments and start paying them off with the smallest balance first. Roll the payment from that debt as an added sum toward the next bill, and so on. If your mortgage is the largest bill on the list, within a short time, you could be paying off your house at a much faster rate. If this isn’t feasible, consider selling your home and downsizing.
Still Have Student or Medical Debt?
Don’t let this follow you into retirement. Make sure that your student debts are taken care of while you’re still working. If medical bills are lingering, find a way to make them a story from your financial past, not an element of your financial future.
Again, starting a new plan for retirement can be difficult. Start with our budget calculator and retirement calculator. These will help you determine how much your current lifestyle is costing you and will also help you set savings goals for retirement.
If you’re currently behind on any of your debt payments, CreditGUARD can help with credit counseling and nonprofit debt management. Call CreditGUARD Today to learn more!
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