Simple Retirement Plan Checklist

By CJ (NOT A Financial Advisor Just A Average Joe)

One thing I do want you to understand is that Retirement planning is not simple. If you think it is a sit and forget, you are in for a real surprise. 

Retirement involves your finances, health insurance, budgeting, saving, real estate, tax planning, long-term care, wills, estates, and so much more. It will be a full-time job to take care of and manage your finances the correct way. 

By getting started now, you can take each step by step. Then the areas you don’t want to handle you can hire an expert.

 If you stick your head in the sand and do not take this seriously, you will regret it. However, if you are unwilling to take the time, please hire a financial advisor, attorney, insurance advisor, and other advisors you will need. 

When you hire a financial advisor, keep in mind how well you like your JOB. If they were that great and disciplined, would they need to be a financial advisor? 

No one will take care of you better than you taking care of yourself! Most people you hire most likely care, but it’s a job for them at the end of the day, so when giving them your cash to invest, remember that. That is why we want to provide you with ideas and insights to help in your decision.

No one writing for this website is a financial planner or expert. Unless they expressly point that out. We are just the average Joe who has been through a lot of life’s lessons and want to share our experiences with you so you will be able to navigate the slew of earning, saving, and retiring information out there.

Simple steps to plan for retirement: 

There are many options available when it comes to retirement planning, but sometimes the most straightforward solutions are the best. If you are looking for a retirement plan that is easy to follow and does not require a lot of financial planning, here are a few tips to get you started.  

1. Start saving as early as possible. The sooner you start saving for retirement, the more time your money will have to grow. Try to set aside at least 10% of your income each month so you can build a solid savings cushion. Then, each year increase your investments savings by 2% and expand your knowledge about the different ways to invest. When you get over 50, you should be trying to set aside around 20% of your income!

Increasing the money you set aside for retirement does two things for you. First, it helps build your money for actual retirement. Second, it gets you use to living on less by increasing your investment percentage. If you cannot live on less now, how do you plan to accomplish it in retirement?
 
2. Consider using a Roth IRA account. Roth IRAs are great options! There is nothing like tax-free money in retirement using the ROTH, which might help you avoid tax consequences down the road.

Retirement planning: 4 simple steps to take today!

There are a few key steps to take to ensure you are on the right track when it comes to retirement planning. Here are a few tips:


1. The earlier you start your retirement planning, the more time your knowledge and money can grow. Knowledge is a big key to being successful in your planning. However, there are things I am still learning today that I should have known. But, don’t think you have to know everything, or you might get overwhelmed.
 
2. Make sure you contribute enough to your 401k or another retirement account. If you have one available and are at least contributing enough to match your employer’s contribution. If you are not doing this, you rob yourself and let the company you are working for to keep this money. You deserve everything you can get from your employer, make sure to take advantage of this! Try to contribute at least 10-15% of your income each year. The more, the better. Also, try to contribute to a ROTH IRA preferably. If a ROTH IRA is not available, just make sure you take advantage of your company match.
 
3. Start reading about Medicare plans today. I will make it simple for you on which plan to choose and why in a later article. If F.I.R.E. is your goal to retire early, consider that health insurance will be one major issue you will have to address till you reach 65 years old.

Do not forget about health care costs. Health insurance is one of the biggest things that held me at the mercy of a boss. Therefore, health benefits are significant, and we will go into greater detail in other articles.


4. Stay disciplined with your spending. It is important to live below your means to save as much money as possible for retirement. It is crucial, so you do not acquire debt, and if you live below your current income, it will be easier to plan for retirement than someone who freely spends their income.

The basics of saving for retirement may seem complicated, but once you grasp them, they will not be so hard. The more you learn, the better off you will be. Earn Save Retire wants to help you, and it is my passion to help people.

How to make the most of your retirement savings 

When it comes to planning for retirement, many people feel overwhelmed. You are not the only one! It isn’t easy, but I know you can do it, and even if you must hire someone, you will be better educated. Being better educated will allow you to know right from wrong if you find one of those rotten apples who take advantage of people. But do not worry. You can have a successful retirement without a complicated plan.

Financial knowledge through education is the best way to make the most of your retirement savings. NO ONE WILL TAKE BETTER CARE OF YOUR MONEY THAN YOURSELF!

Educate and learn so you know when someone is helping you compared to them just trying to earn a commission.

Investing for retirement: don’ts 

Do not throw your hands up in the air and stick your head in the sand! 

You can retire! 

Take an active approach and educate yourself. Use advisors where you feel uncomfortable.  

Conclusion: the importance of having a retirement plan 

It is never too late or early to start planning for retirement. Even if you are starting out in your career, it is crucial to begin saving for retirement. A simple retirement plan can help you save money and stay on track for a secure future. Take it step by step. Start by educating yourself for two hours a week on one of the “4 simple steps to take today”.

Later we will get into the more complex details.

Please, if you get one thing from earn save retire, please be actively planning your retirement and studying. I hope the best for you and expect to see you on the beach … 

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