Things You Can Do To Get Ready For Retirement In Denver
For most people, retirement feels like a long way off. But, if you don’t start preparing as early as possible, you may find yourself in a place of financial insecurity when the time does come. To avoid this, consider implementing the following tips.
- Calculate your target savings. In general, it’s recommended that you save between 10 to 15 percent of your income for retirement. However, you can always use an online savings calculator to determine the amount you need to save for your specific needs and goals.
- Contribute to your employer’s retirement savings plan. Does your job offer a 401(k), traditional IRA, or Roth IRA? Sign up and start saving as soon as they allow you to. It’s recommended to set up automatic paycheck deductions and, once the money is in your retirement fund, don’t touch it.
- Take advantage of employee benefits. Many employers offer matching which generally requires you contribute a certain percentage of each paycheck and your company will then contribute a matching amount with funds of their own. They might also offer health savings or flexible savings account. By contributing to these accounts, you reduce your amount of taxable income, allowing you to save more money.
- Pay off your debts. Start by paying off any high-interest credit card debt first. Then look at other debts, such as student loans and car payments, and make a plan for paying those off incrementally.
- Reduce daily spending. Although this feels like a no-brainer, spending your money thoughtfully now can make a big impact later. Seek out areas of your life where you can.
- One last thing you can do is think about downsizing your Denver home to prepare for retirement. By doing this, you'll help reduce your housing expenses and not have to worry about maintaining and cleaning more space than you need.
If you are looking for a home in the Denver or Parker area, or thinking of downsizing your home, please feel free to start here at http://dougyoungre.com, or if you have questions reach out to me on my mobile at 623.210.0902. I'd be happy to assist with answering any questions about your home search or about selling in this crazy market. I have helped hundreds of clients get their homes sold fast and keep thousands of dollars in their pocket. Reach out and request a consultation where we can discuss how we can move you through the process as seamlessly as possible. Looking forward to speaking with you soon.
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