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How to Start Saving for your Retirement and Have Peace of Mind

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How to Start Saving for your Retirement and Have Peace of Mind

Let me start by saying this, the earlier you start saving for your retirement the better it is for you. Studies have found that those who retire happily are usually those who have saved for the longest. So if you’re waiting to hit 30 years of age to start saving for your retirement you’re making a big mistake.

You don’t want to still have to work a 9 to 5 while you could have been enjoying the rest of your life traveling around the world with your loved ones. Unfortunately, that’s the sad reality that so many people have to face.

From this article, I’m going to tell you how to start saving for your retirement. You’ll be so glad for having done so as you’re reaching your retirement years.

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Invest in gold IRA companies

Investing is something everyone is supposed to think of when it comes to saving money. However, many people don’t see it that way; they choose other routes to do so instead due to other beliefs, which is also understandable.

There are various ways through which you can invest your money; for example, stocks and bonds, certificate of deposit (CD) bank accounts, and much more. But if you’re investing for your retirement you can’t go wrong with investing into some gold IRA companies.

What’s an IRA company by the way? The acronym IRA stands for individual retirement account. It gives us the ability to save for our retirement as we’re also taking the advantage of the tax break. It’s a very beneficial way for this purpose, especially when you think of how much you could possibly have to pay in taxes.

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Investing in gold IRA has proven its ability to help investors balancing their portfolio. It’s considered to be safer while its profitability strength is outstanding. Gold doesn’t rely on any other factors for its value. For example, a company stock’s price may have so many factors dictating it, but on the other hand, Gold tends to be different.

How can you invest in gold IRA companies?

The best way to invest your money into gold IRA companies is through gold IRA rollover. This can be done through a 401k account, which may be the best way in trying to do yours.

If you were to buy your gold directly it’ll cost you too much money in the process. After all the fees and taxes your capital would be significantly decreased.

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However, the decision is yours to make; you can also open a gold IRA account without having to go through a 401k. This process usually takes one to four weeks after you’ve contacted the dealer. The most important decision you’ll have to make is how you’d want to fund your account. Other than that, they’ll be able to help you with the rest.

Conclusion

Investing is very important if you want your money to grow with time. Investing and saving for your retirement is even more important as no one would wants to spend his or her old age working.

There are so many paths you can take to save for your retirement; for example, investing in a business, stocks, IRA and much more. Since you’re the only one who’s in charge of choosing how you want to start saving for your retirement, it’s very important that you pick the best one for yourself.

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Nonetheless, don’t waste your time dwelling on which one to take if you can’t come to a final decision—take some sort of financial investment action now. Always remember this; the earlier you start saving for your retirement the better it is for you.

Featured photo credit: Compass Career Management via compasscareer.com

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Last Updated on January 5, 2022

33 Painless Ways to Save Money Now

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33 Painless Ways to Save Money Now

In a difficult economy, most of us are looking for ways to put more money in our pockets, but we don’t want to feel like misers. We don’t want to drastically alter our lifestyles either. We want it fast and we want it easy. Small savings can add up and big savings can feel like winning the lottery, just without all of the taxes.

Some easy ways to save money:

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  1. Online rebate sites. Many online sites offer cash back rebates and online coupons as well. MrRebates and Ebates are two I like, but there are many others.
  2. Sign up for customer rewards. Many of your favorite stores offer customer rewards on products you already buy. Take advantage.
  3. Switch to compact fluorescent bulbs. The extra cost up front is worth the energy savings later on.
  4. Turn off power strips and electronic devices when not in use.
  5. Buy a programmable thermostat. Set it to lower the heat or raise the AC when you’re not home.
  6. Make coffee at home. Those lattes and caramel macchiatos add up to quite a bit of dough over the year.
  7. Switch banks. Shop around for better interest rates, lower fees and better customer perks. Don’t forget to look for free online banking and ease of depositing and withdrawing money.
  8. Clip coupons: Saving a couple dollars here and there can start to add up. As long as you’re going to buy the products anyway, why not save money?
  9. Pack your lunch. Bring your lunch to work with you a few days a week, rather than buy it.
  10. Eat at home. We’re busier than ever, but cooking meals at home is healthier and much cheaper than take-out or going out. Plus, with all of the freezer and pre-made options, it’s almost as fast as drive-thru.
  11. Have leftovers night. Save your leftovers from a few meals and have a “leftover dinner.” It’s a free meal!
  12. Buy store brands: Many generic or store brands are actually just as good as name brands and considerably cheaper.
  13. Ditch bottled water. Drink tap water if it’s good quality, buy a filter if it’s not. Get 
      a reusable water bottle and refill it.
    • Avoid vending machines: The items are usually over-priced.
    • Take in a matinee. Afternoon movie showings are cheaper than evening times.
    • Re-examine your cable bill. Cancel extra cable or satellite channels you don’t watch. Watch the “on demand” movie purchases too.
    • Use online bill pay. Most banks offer free online bill paying. Save on stamps and checks, and avoid late fees by automating bill payment.
    • Buy frequently used items in bulk. You get a lower per item price and eliminate extra trips to the store later on.
    • Fully utilize the library. Borrowing books is much cheaper than buying them, but in addition to books, most local libraries now lend movies and games.
    • Cancel magazine/newspaper subscriptions: Re-evaluate your subscriptions. Cancel those you don’t read and consider reading some of the other publications online.
    • Get rid of your land-line. Do you really need a land-line anymore if everyone in the family has a cell phone? Alternatively, look into using VOIP or getting a cheaper plan.
    • Better fuel efficiency. Check the air pressure in your tires, keep up with proper auto maintenance, and slow down. Driving even 5MPH slower will result in better fuel mileage.
    • Increase your deductibles. Increasing the insurance deductibles on your homeowners and auto insurance policies lowers premiums significantly. Just make sure you choose a deductible that you can afford should an emergency happen.
    • Choose lunch over dinner. If you do want to dine out occasionally, go at lunchtime rather than dinnertime. Lunch prices are usually cheaper.
    • Buy used:  Whether it’s something small like a vintage dress or a video game or something big like a car or furniture, consider buying it used. You can often get “nearly new” for a fraction of the cost.
    • Stick to the list. Make a list before you go shopping and don’t buy anything that’s not on the list unless it’s a once in a lifetime, killer deal.
    • Tame the impulse. Use a self-enforced waiting period whenever you’re tempted to make an unplanned purchase. Wait for a week and see if you still want the item.
    • Don’t be afraid to ask. Ask to have fees waived, ask for a discount, ask for a lower interest rate on your credit card.
    • Repair rather than replace. You can find directions on how to fix almost anything on the internet. Do your homework, and then bring out your inner handyman.
    • Trade with your neighbors. Borrow tools or equipment that you use infrequently and swap things like babysitting with your neighbors.
    • Swap online. Use sites like PaperBack Swap to trade books, music, and movies with others online. Also, look for local community sites like Freecycle where people give away items they no longer need.
    • Cut back on the meat. Try eating a one or two meatless meals every week or cut back on the meat portions. Meat is usually the most expensive part of the meal.
    • Comparison shop: Get in the habit of checking prices before you buy. See if you can get a better price at another store or look online.

    Remember that saving money is not about being cheap or stingy; it’s about putting money into your bank account rather than giving it to someone else. There are many ways to save money, some you’ve never thought of, and some that won’t appeal or apply to you. Just pick a few of the ideas that sound doable and watch the savings add up. Save big, save small, but save wherever you can.

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    Featured photo credit: Damir Spanic via unsplash.com

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