Advertising
Advertising

4 Proven Tips on How to Successfully Plan Your Retirement

4 Proven Tips on How to Successfully Plan Your Retirement

We all would like to have financial security in the future, but most of us aren’t taking the right path toward this goal. Planning for your future isn’t something that should be taken lightly. A financial literacy survey found that 40% of the American population will never make enough money to allow them to retire.

That’s a huge blow as this number is very high. Almost 50% of the population will most likely have to work for a life-long period in order to survive. With that being said, you have to take action so you don’t fall into this group of people. As a way to help you out, I’m going to share some proven tips with you to help you plan your financial’s future.

1. Use your money wisely.

As soon as you start working, you should plan how to utilize your money in the right manner. I know you may like buying beautiful things, but you should also put in your head that you’re making someone else wealthier as you’re lowering your saving. Assured Retirement Group states:

Advertising

Budgeting helps you manage your cash flow so that your income remains higher than your expenses.

However, I’m not claiming that you shouldn’t buy things you’re in need of, but you should be responsible as to how you’re spending your money. Buy things you need instead of buying those you want. There’s a big difference between these two. Once you start doing that you’ll be surprised to see how much money you’re actually saving which would’ve been gone down the drain.

2. Reduce your household costs.

If you’re about to be retired and no longer have the need for a big house because your children are all grown ups and out on their own, you’ll have to cut down on your housing costs. There’s no justification for spending money on something that’s not needed while you could be using that money for your much needed needs.

Advertising

Try to pay off all your debts or at least most of them if you can. Going into retirement debt free will definitely gives you peace of mind. Your retirement years should be the period of time where you’ll only have to enjoy the rest of your life. It shouldn’t be some additional years of you having to keep thinking about your expenses and debts.

3. Investing is far superior than saving.

It’s always a great idea to open a saving bank account; it gives you a form of a safe storage to put your money into. Though they claim that their customers earn interests on their saving, it’s really not significant if your account’s size isn’t a very large one.

Your best bet to make profits with your hard earned money is by investing. There are various ways you can take to invest your money. For example, you can buy stocks, you can open a small business, or you can open a CD account instead of a saving one. These are just a few options that you can take advantage of.

Advertising

4. Seek for professional help.

Oftentimes people are looking for suggestions to know whether or not they should start planning for retirement. In reality the earlier you can start the better it is for you. It would be in your advantage if you can start planning your retirement at a younger age, which would enable you to stop working before the average age.

If you’re interested to take the initial step and don’t know how to approach that, you can hire a Financial Advisor at a very reasonable cost to help you through.

Your current investments, Social Security benefits, or pension plans will play a huge role in this process if you’re not currently working. That’s because you’ll need a source of income in order to start planning your retirement. If you don’t have a source of income you can’t think about retirement.

Advertising

Overall

Many people won’t be able to afford going into retirement; however, it’s something that we all would like to achieve in our lifetime. If you’re working or if you have a source of income, you shouldn’t have any problem planning your retirement.

I’ve shared some proven tips with you throughout this blog post, taking some of them in consideration can take you a long way with your plan. Be smart about it; don’t wait the very last minute to start thinking about retirement. It just doesn’t work that way. Good luck with your plan, I’m hoping you have a successful retirement.

Featured photo credit: Travel Planet via travelplanet.in

More by this author

Take a Look at 4 of the Best Digital Cameras for Vlogging Some Key Differences Between IRA and 401(K) Accounts How to Start Saving for your Retirement and Have Peace of Mind How to ensure you’re buying the right pair of football gloves Here’s how Consumers Rank the Top 6 Fast Food Restaurants in the US

Trending in Budget Activity

16 Easy Ways to Treat Yourself 27 Websites to Sell Used Stuff Profitably 3Seven Tips to Save Money While Renovating Your Home 44 Ways to Make Every Penny Stretch in 2017 5Getting Out of Debt in 4 Simple Steps

Read Next

Advertising
Advertising

Published on July 4, 2018

Top 10 Recommendations on Money Management Apps

Top 10 Recommendations on Money Management Apps

Don’t want to overspend your budget, swipe your credit card too many times, and feel like a financial mess? Instead of beating yourself up for the bad financial decisions you’ve ever made, create a new plan!

The solution is simple, save more and spend less. But, we all know it’s easier said than done.

One problem is finding quality apps that save you time and money, and aren’t just hype.

Luckily, there’re many great money management apps available at your fingertips. Here are 10 reliable money management apps that can help you save money, and crush debt.

1. Personal Capital

    When was the last time you’ve tracked your net worth? Probably months ago or maybe never. Personal Capital allows you to easily track your net worth and plan for retirement.

    Here are some of its main features:

    • Sync many investment accounts, and expenses (mortgage, credit cards, etc.) in one place
    • Discover hidden fees and how much they’re affecting your retirement plan
    • Wealth management for investors requiring a long-term strategy

    With Personal you’re free to track your expenses and net worth.

    Available for: iOS and Android

    2. Mint

      If your smartphone could only install a few apps, Mint would be one of them. Why? Because Mint tracks all your balances and bills in one place.

      Here are some of its main features:

      Advertising

      • Effortlessly track all your bills and balances in one dashboard
      • Categorized expenses to understand where you spend your money
      • Uncover hidden fees, and determine your investment style with sophisticated retirement tools.

      Feel at ease with managing your money by a reputable company that isn’t going anywhere.

      Available for: iOS and Android

      3. YNAB

        Everyone needs a budget, there’s no way around it. YNAB (You Need A Budget) is an easy to use app that will change the way you think about money. Their motto is to “give every dollar a job”, and you’ll quickly discover why.

        Here are some of its main features:

        • Easily sync all bank accounts in one place
        • Visually see your debt paying progress with eye-catching charts and notifications
        • Customized categories setting saving goals

        The best part about YNAB is the community that comes along with it. You can hop on the YNAB forum to receive support, listen to the YNAB Podcast or stay tuned for their weekly videos.

        Available for: iOS and Android

        4. Wealthfront

          Albert Einstein once said “compound interest is the eight wonder in the world”, and for a very good reason. The problem is, most people are scared or unwilling to learn the basics of investing. This is why Wealthfront is the perfect solution for the hands-off investors.

          Here are some of its main features:

          • Variety of investment account options including IRA, Roth IRA, and more
          • Your portfolio composed of 7 different asset classes
          • Automatically rebalanced portfolio
          • Daily tax loss harvesting

          Wealthfront is perfect for people requiring investment guidance, or prefer a hands-off solution.

          Available for: iOS and Android

          Advertising

          5. Clarity Money

            If you’re staying on top of your budget but want to take your finances to the next level, Clarity Money can help you. Clarity Money helps you stay under budget and build a personalized savings plan.

            Here are some of its main features:

            • Easily cancel subscriptions with one click
            • Synchronize bank accounts fast
            • Transfer money effortlessly between different accounts

            Clarity Money isn’t an app that does it all. But, it does make transferring money and canceling subscriptions fast and efficient.

            Available for: iOS and Android

            6. Acorns

              What if there was a way to quickly gain confidence in investing your money, without too much risk? There is, and Acorns is your solution. With Acorns’s technology, you’re able to make investments as small as $5.

              Here are some of its main features:

              • Automatic contribution option
              • Customized portfolio tailored to your needs
              • Low management fees ranging from $1-$2 per month

              Stop wasting dollars on expensive coffee. Instead, invest them towards a brighter financial future.

              Available for: iOS and Android

              7. Albert

                Do you budget by only subtracting your expenses from your income? If so, how would you discover any overpayments or extra money you could save? This is where Albert shines, and it does it all free.

                Advertising

                Here are some of its main features:

                • Receive notifications for overpayments, hidden fees, and low balances
                • An Automatic budget that’s built around your spending and income
                • Easily track debt and set new financial goals

                While Albert does offer a paid option, most of its core features are FREE. So, what better option to save?

                Available for: iOS

                8. Prism

                  Have you recently forgot to pay a bill because life got in the way? Prism automatically tracks your bills and syncs your bank accounts in one place.

                  Here are some of its main features:

                  • View all your account balances in one glance
                  • Bill due dates are automatically pulled and tracked
                  • Receive early reminders for upcoming bills

                  If your budget is on “fleek” but can’t seem to stay on top of your bills, Prism is your go-to app.

                  Available for: iOS, Android, Windows, Amazon

                  9. Mvelopes

                    Remember hearing about people using envelopes to budget their money? Well, Mvelopes is the new envelope system for this generation. Easily create monthly budgets and track your saving goals.

                    Here are some of its main features:

                    • Connect unlimited bank accounts
                    • Real-time budgeting with auto transaction syncing
                    • Low monthly $4 fee or $40 annual

                    Mvelopes can help you crush debt, save more, and help you stop overspending. With its low monthly fee, it’s worth a try.

                    Advertising

                    Available for: iOS and Android

                    10. Wallaby

                      Most people don’t have time to track their credit card’s changing rewards and interest rates. Because of this, you need help reaping the most of your credit card’s rewards. Wallaby is the app that will help you do just that.

                      Here are some of its main features:

                      • Automatic recommendations for the best credit card to use for each transaction
                      • A friendly user interface, displaying credit cards with their corresponding images
                      • Free to use

                      If you’re using the same credit card to make your purchases, you may be leaving money on the table. Give Wallaby a try if you’re ready to maximize your credit card’s rewards.

                      Available for: iOS and Android

                      Take control of your finances and experience financial freedom

                      Picture yourself staying on budget and saving more money than you’d ever imagined.

                      It took hard work and dedication but you’d finally learned how to manage your money. You have to start taking control of your spending and saving habits.

                      You now have a list of reliable apps that can help you build better money habits, what are you waiting for?

                      Featured photo credit: Pexels via pexels.com

                      Read Next