If you’re like most people, retirement is probably not at the top of your list of priorities. After all, many other things seem more pressing at the moment – like paying off debt, building up your emergency fund, or saving for a down payment on a house.
However, William Schantz of Mid Atlantic Financial, LLC believes retirement should be a priority, for everyone deserves a little rest after years of hustling and earning money. Even if you’re still young and have decades to go before you retire, it’s never too early to start saving. The sooner you start, the more time your money has to grow, and the more comfortable your retirement will be.
William Schantz’s Guide to Efficient Retirement Saving
- Start Today: William Schantz emphasizes that the sooner you start saving for retirement, the better. Even if you can only afford to save a little bit each month, it will still add up over time.
- Set Savings Goals: Figure out how much you need to save each month in order to reach your retirement goals. Knowing exactly how much needs to be set aside will hold you accountable and help keep you on track and motivated to continue saving.
- Add to Your 401(K) Account: If your employer offers a 401(k) plan, make sure you’re contributing enough to take advantage of any employer matching contributions. Take full advantage of this free money to help you reach your retirement goals faster.
- Consider A Roth IRA: A Roth IRA is a great way to save for retirement, especially if you’re in a lower tax bracket now than you expect to be in when you retire. The money you contribute to a Roth IRA grows tax-free, and you can withdraw it tax-free in retirement.
- Save Windfalls: Anytime you receive a windfall – such as a bonus, inheritance, or tax refund – consider using at least some of it to boost your retirement savings. The important thing is to have a plan for your windfalls so that you’re not tempted to spend them all.
- Delay Social Security: If you can afford to, consider delaying Social Security benefits until you’re older. This will give you a bigger monthly benefit when you do start receiving it.
- Cut Back On Expenses: If saving more money is tough because you don’t have a lot of extra income, consider cutting back on some of your expenses. This will free up more money that you can put towards retirement savings
- Pay off High-Interest Debt: Paying off high-interest debt should be a priority, as it will save you money in the long run. But once you’ve paid off your debt, you can use that extra money to increase your retirement savings.
- Create A Budget: Creating a budget can help you free up money to contribute to your retirement savings. It’s important to live within your means and not overspend so that you can have more money to save for the future.
- Automate Your Savings: One of the best ways to ensure you’re saving enough for retirement is to automate your savings. Have a certain amount automatically transferred from your checking account to your savings or retirement account each month. This way, you won’t have to think about it – it will just happen
William Schantz strongly believes that saving for retirement isn’t a process that should be delayed. The earlier you start, the more you can save and thus, the more comfortably you can retire.