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4 Simple Ways to Save Enough for Retirement

4 Simple Ways to Save Enough for Retirement

Odds are you’re one of the nearly 60% of Americans moderately or very worried about not having enough money for retirement. Regardless of your age, profession, income or social status, a desire for retirement savings continues to top seemingly every personal finance poll. The question is: what simple things can you do to calm your nerves and instill the confidence you need as retirement approaches?

Stop Refusing Free Money

Recent data suggests as much as 80% of companies who offer retirement plans also offer to match employee contributions, up to an average of nearly 5% of each employee’s pay. Effectively, that’s a 5% bonus every single year just for contributing enough to meet your employer’s match program. Ask your Human Resources contact if you’re eligible to participate in your company’s retirement plan. Stop refusing free money!

Max Out Traditional Retirement Plan Contributions

If you are to have any any chance of saving enough for retirement, you need to save much more than the minimum to meet your employer’s match. For most traditional workplace retirement accounts, the 2014 maximum contribution was $17,500. If you contribute most, or all, of the maximum consistently year after year, you’ll be well on your way to a robust retirement

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For self-employed workers and non-traditional retirement accounts, check with your financial advisor for annual limits to be sure you’re maxing out in compliance. You do have a financial advisor, right?!

Assuming you’re 30 years old, make $75k per year, plan to retire at age 65 and earn 6% rate of return in your 401k, the below chart shows effect on your bi-monthly paycheck and the monumental difference between just contributing to get the match versus maxing out the $17,500 allowable.

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Bankrate.com 401k Calculator

    Go to BankRate.com’s 401k Contribution Calculator to customize your own scenario.

    Tax-Advantaged Savings

    Contributing to traditional retirement accounts is fundamental, but what if your contribution limits are too low to allow adequate savings? Or what if you’re concerned about the taxes you’ll pay down the road on the traditional retirement account income?

    A healthy retirement plan should include tax-advantaged savings like a Roth IRA, if you you qualify. Tax efficient investments like municipal bonds may make sense for a conservative portion of your savings. An often-overlooked savings vehicle, perfect for tax-advantaged retirement income, is a cash value life insurance program.

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    Cash Value Life Insurance may not be a good fit for everyone but the tax-favored savings accumulation, flexibility and death benefit are attracting more and more savers, especially young professionals.

    Protect Your Savings

    If you’ve followed the nuts and bolts of saving for a healthy retirement listed above, you will be in good shape. If you’re truly a saver, protecting what you’ve worked so diligently to build should go hand in hand with your plan. Protecting your savings means a few different things:

    First, don’t take more risk than you’re comfortable taking. Unless you’re burying coffee cans filled with cash in your backyard, every retirement savings plan includes some measure of risk. Fully understand the risk in your investment program or keep asking your financial advisor more questions until you understand and are comfortable with your investment plan. A properly allocated and diversified savings plan helps guard against any major economic swings.

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    Ensure you don’t get wiped out by insuring your plan. Life insurance and long term care protection should be part of every healthy retirement plan. Owning adequate life insurance can prevent financial ruin and emotional distress for your Family during the savings years — just watch a few of the short videos at non-profit LifeHappens.org to see what I mean. U.S. Department of Health and Human Services statistics show that 70% of people turning Age 65 will need some type of Long Term Care services. Lifetime income annuities may also be a nice compliment to your retirement plan as you get closer to retirement age. These annuity programs can guarantee an income for life but still enjoy a potential market rate of return. It’s important to note the earlier you secure these important retirement protections, the cheaper they will be.

    Saving enough for retirement may seem like trapping a unicorn or finally spotting that pot of gold at the end of the rainbow. In other words, it may seem like a fantasy. While your individual retirement goals are different from your neighbors’, follow these four simple concepts diligently and you will absolutely retire with confidence. Saving enough for retirement is simple. Not easy. Simple.

    “The ability to discipline yourself to delay gratification in the short term in order to enjoy greater rewards in the long term, is the indispensable prerequisite for success.” Brian Tracy, Leading Speaker, Author and Entrepreneur

    Featured photo credit: betacam via freeimages.com

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    Last Updated on April 19, 2021

    40 Healthy And Really Delicious Meals You Can Make Under $5

    40 Healthy And Really Delicious Meals You Can Make Under $5

    Ever had those moments where you really wanted to eat something delicious and healthy but didn’t have the financials means to do so? Whether you’re a student or parent, this compilation of 40 great, healthy, and inexpensive recipes will make every night special and help you get fit! No more meals where you have to force the food down! It’s time to make that budget your best friend and turn it into great recipes. Enjoy!

    1. Fish Tacos in Crunchy Shells ($3.56 per serving)

    Is there a better way to end the day than a Fish Taco dinner filled with protein and nutrients and is easy on the wallet? This recipe calls for a boys’ or girls’ night in front of a good movie or game.

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      2. Mini-Meatball Noodle Soup ($3.43 per serving)

      We’ve heard of the delicious spaghetti and meatballs recipes, but imagine having that same meatball goodness in a soup? It’s like Christmas in a bowl. Healthy, warm, and only $3.43 per serving.

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        3. Spaghetti and (Vegan) Meatballs ($2.13 per serving)

        Now it’s time to look at the traditional spaghetti and meatballs recipe, but with a little twist: vegan meatballs. This way, you can enjoy the Italian tradition without adding on the extra calories. I’m sold!

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          4. Kabocha Squash and Lentils ($3.12 per serving)

          Absolutely delicious way to end the day with a Kabocha Squash and lentils dinner. The beauty of this recipe is that you can actually make many other things from the mixture, from dips to full-on meals. All under $5 per serving.

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            5. Baked Coconut Lentils ($0.91 per serving)

            Coconuts are always a good idea, but it doesn’t have to be eaten only for dessert or breakfast. With this great recipe, you can now eat a lunch or dinner filled proteins and a coconut twist. Yum!

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              6. Easy Marinated Roasted Chicken ($3.40 per serving)

              We love chicken and at less than $5 per serving, we are in heaven with this recipe. Add some vegetables and rice on the side and you’ve got yourself a full meal!

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                7. Organic Greens and Goat Cheese Gratin ($2.36 per serving)

                This is absolutely divine. You get in your healthy greens and your fat macros with this great recipe. Takes only a few minutes to make and it’s easy on the wallet. Bon Appetite!

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                  8. Beef Pot Roast ($3.22 per serving)

                  One word: perfect. This meal will warm your insides and fill you up with the high protein content.

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                    9. Fajita-Style Quesadillas ($0.43 per serving)

                    If you want to eat Mexican tonight but want to stay in your budget, this Quesadilla recipe is your best friend. It’s tasty and filled with healthy ingredients for less than a dollar per serving.

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                      10. Fish Tostadas with Chili Lime Cream ($2.82 per serving)

                      Another great lunch idea for the busy days ahead. Prep this in the morning or the night before and you’ve got yourself a healthy and cheap lunch meal!

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                        11. Beef and Black Bean Chili ($1.36 per serving)

                        Might not look like much, but this amazing chili is actually extremely healthy for you. The protein from the beef and the carbs from the black beans will fill you up in no time, and keep you full for a long period of time. Delicious and warm, just right for the winter!

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                          12. Crispy Fish and Peppers ($2.18 per serving)

                          Amazing recipe for anyone looking to change up their meals while keeping their macros in check and not going overboard on spending. Satisfies your crunch tooth (see what I did there?) and gives you all the protein you need to stay full and lean.

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                            13. Vegetarian Gumbo ($1.50 per serving)

                            You have the perfect macro mix here with the carbs, fats, and proteins. At less than $5 per serving, you’ve got yourself a meal that will last for the whole week!

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                              14. Mexican White Bean Soup ($0.99 per serving)

                              With the cold weather creeping in, it’s not a surprise that soups are coming back in style. This great Mexican White Bean Soup dish will keep you warm for winter without making a hole in your pocket.

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                                15. Black Beans with Mango & Cilantro ($0.38 per serving)

                                Mangoes make every dish a little bit sweeter, which is why we absolutely love this recipe. A normal rice and bean dish might be a little meh, but add the sugary taste of mangoes and you’ve got yourself a party!

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                                Black-Bean-Cilantro-Mango

                                  16. Bean Burritos ($0.71 per serving)

                                  If you’re having people over tonight and don’t want to spend too much time or money on food, this dish is a great option! You can even cut up the burritos into pieces and make finger foods while everyone’s watching the game or gossiping.

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                                    17. Five-Spice Beef Kabobs ($2.43 per serving)

                                    The spices in this recipes add a delicious twist to the beef kabobs, which is definitely worth trying!

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                                      18. Cornmeal Crusted Pork ($1.92 per serving)

                                      If you like the fried crunch but want to opt for a healthier alternative, cornmeal is your man. This healthy recipe will satisfy all your fried desires without making you pop open your pant’s button.

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                                        19. Chicken, Tomato & Cucumber Dinner Salad ($2.57 per serving)

                                        Easy to do, extremely healthy, and super delicious. A must-try!

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                                          20. Lentil Soup with Beef and Red Pepper ($1.90 per serving)

                                          I can’t believe how cheap this meal is, especially for all the nutrients it contains. You can make a big pot on Sunday night and divide it into small portions to last you a whole week.

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                                            21. Smoky Mushroom Stroganoff ($1.90 per serving)

                                            Craving pasta but not sure what to top it off with? How about smoky mushrooms with a twist?

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                                              22. White Bean Tuna Salad ($1.36 per serving)

                                              You can add this White Bean Tuna Salad in your sandwich or just eat it as-is for a quick lunch on a busy day.

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                                                23. Sausage Eggwiches ($0.80 per serving)

                                                Who says you have to eat fast food to get an eggwich? This delicious recipe will give you an amazingly healthy eggwich for less than a dollar per portion. Can you say Breakfast?

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                                                Sausage-Eggwiches

                                                  24. Baja-Cali Black Bean Salad ($1.17 per serving)

                                                  Great snack to add to a movie-night with friends. You don’t have to use chemically-processed salsas anymore, you can now use this homemade salad for your chip dips.

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                                                    25. Gnocchi, Sweet Corn & Arugula in Cream Sauce ($2.24 per serving)

                                                    Italians always knew how to make carbs look good! This delicious Gnocchi recipe will give your lunch a whole new meaning. Easy to make and only $2.24 per serving.

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                                                      26. Vegetable Lasagna ($1.73 per serving)

                                                      If you were looking for a healthy lasagna, you’ve just found it. At under $5 per serving, you can fill yourself up right away without putting on the extra calories.

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                                                        27. Fajita-Ranch Chicken Wraps ($2.05 per serving)

                                                        Don’t know what to make for lunch this week? How about delicious chicken wraps with a healthy ranch? This recipe will make all your lunches, even the quick ones, healthy and colorful.

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                                                          28. Quinoa with Pan Roasted Brussels Sprouts ($1.24 per serving)

                                                          A dish that has quinoa and brussel sprouts can’t be unhealthy, it just can’t, which is why this dish is one to keep in the books. Easy to make, healthy, and will keep you full for a long period of time.

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                                                            29. Butternut Squash Chili ($1.04 per serving)

                                                            You don’t need meat to make chili now that you have this recipe! It’s 100% healthy, filling, and smells absolutely delicious.

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                                                              30. Fast Shrimp Bisque ($2.03 per serving)

                                                              Seafood doesn’t have to be expensive if you know how to do it right, and this fast shrimp bisque is a great recipe to try if you’re in the mood for some seafood!

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                                                                31. Chicken-Noodle Casserole ($0.98 per serving)

                                                                Looks divine doesn’t it? This super easy to make dish will satisfy all your taste buds without burning a hole in your wallet or adding a few extra numbers on the scale.

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                                                                  32. Burrito Cups ($1.18 per serving)

                                                                  Entertaining someone tonight and don’t know what to make as appetizers? These burrito cups are a great alternative to chips or other greasy finger foods. All you need to enjoy it is a spoon and a cup.

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                                                                    33. Lemon-Dill Shrimp & Pasta ($2.45 per serving)

                                                                    Another impressive shrimp recipe under $5 per serving. The lemon-dill twist adds a great taste to the dish.

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                                                                      34. Potato Frittata ($0.87 per serving)

                                                                      If you want to eat potatoes for breakfast but still want it to be healthy, this is the recipe for you. At under a dollar per serving, this potato frittata will make you see potatoes in a whole new light.

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                                                                        35. Grilled Pork and Pineapple ($2.67 per serving)

                                                                        Meat and fruits? Oh, yes. The juiciness of the pork mixed with the liquid sugar in the pineapple will make you wish you knew about it sooner.

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                                                                          36. Greek Honey-Lemon Pork Chops ($2.15 per serving)

                                                                          Another splendid recipe mixing sweet and salty for a healthy meal. Easy to make and absolutely mouthwatering.

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                                                                            37. Jamaican Pork Stir-Fry ($2 per serving)

                                                                            You can add this healthy stir-fry to any dish as a side or amply enjoy it as-is for lunch or dinner. You can even make a wrap sandwich out of it if you’re in a rush to eat.

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                                                                              38. Herbed Salmon ($2.49 per serving)

                                                                              Salmon contains a healthy dose of fats that will boost your metabolism, lower inflammation, and make you happier. At under $5 per serving, need I say more?

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                                                                                39. Five-Spice Pork Kabobs ($1.96 per serving)

                                                                                Exquisite recipe under $5 per serving that will most definitely awe everyone at your dinner party.

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                                                                                  40. Stuffed Sweet Potatoes with Mango-Black Bean Salsa ($1.24 per serving)

                                                                                  You don’t have to eat sweet potatoes alone anymore with this flavorful recipe.

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                                                                                    Featured photo credit: Featured Photo Credit: 5 Dollar Dinners via 5dollardinners.com

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