13 Easy Things You Can Do to Start Preparing for Retirement Now
Here are 13 actionable steps you can take today to start preparing for retirement at any stage of your life.
It's important to paint as clear of a picture as possible so you can dial in a detailed plan for your retirement. Of course, your plan can change over time; however, getting as specific as possible will help you be more thorough in your planning.
Understand Your Numbers
Once you determine where you want to go, it's essential to understand where you are starting. The best way to do so is to take inventory of your current financial situation.
Unfortunately, it's impossible to go back in time and start preparing at an earlier date. It is, however, possible to start right now,
Explore Your Options
Even if you elect to work with a retirement professional, it's still a good idea to educate yourself on the different retirement investments available to you.
Remember that your financial situation will ebb and flow throughout your life. You can expect periods of abundance and possible bouts of financial trouble.
Create a Plan
Paying off your debt will free up more of your income each month and allow you to commit more of your money toward retirement.
Pay Off Debt
Stashing away 3-6 months of living expenses for a rainy day will keep you from having to use debt – or worse, dip into your retirement – in the case of an emergency.
Maintain an Emergency Fund
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