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While everyone loves to daydream about retirement and a future full of leisure and travel (particularly on a Monday morning) it is quite another thing to set about making goals and taking action to make your dreams become a reality. In fact, many people put off planning for retirement until they have significantly reduced their options and their future income. Not sure how to go about planning for retirement? Hiring a financial advisor in Greenville, SC, is a good place to start, but until then, check out these tips for retirement planning. Tips on Planning for Retirement Contrary to popular belief, retirement isn't something that happens spontaneously or automatically once you reach a certain age. In fact, successful retirement is actually something that is put into action decades before the event actually takes place. The sooner you start planning for retirement, the more wealth, freedom, and peace of mind you will have once you are ready to stop working. Here are a few tips to help you get started: - Start planning for retirement today: It doesn't matter if you are 21 or 61, the time to plan for retirement is now! Obviously those who begin at age 21 will be in better financial shape than those who begin at 61, but there is nothing you can do to change the past. Start right now, with the wealth you current possess, and work towards the goals you have in mind.
- Get out of debt first: While this tip may seem to contradict the one above it, it actually works in tandem with the first tip. Excessive debt (anything beyond a modest car payment and a mortgage) will impact how much you can allocate towards retirement. Since retirement planning and investing yields dividends over time, the less money you can put in over that time (due to tying up funds in paying off debt) the less money you will have in the long run. So develop a plan that will get you out of debt as quickly as possible (get a second job, make sacrifices and cutbacks, etc.). All of the money that you once spent on paying off minimum balances can now go directly towards your retirement. Carrying around debt for decades is one of the unhealthiest ways to impact your monthly income upon retirement.
- Begin with the end in mind: This saying is a good rule of thumb in most situations, and is no less true when it comes to retirement planning. Think about where you want to be when you retire: your age, your location, your monthly income. Develop a plan that will allow you to get there, and then implement that plan. It truly is as simple as that!
- Set goals in the long and short term: Your action plan should include long and short term goals that will allow you to slowly and steadily work towards your ultimate goal of retiring on your terms and with as much wealth as possible. You can never get there by simply stating your end goal (i.e. retire at age 65 with a monthly income of $3,000) and never taking incremental steps towards this goal. Baby steps are all you need to achieve financial prosperity!
- Hire a financial adviser: A financial adviser is a small investment that will yield big dividends in the distant future. If you are looking for a sound investment that is guaranteed to grow steadily over time, this is it! The help of a good financial advisor in Greenville, SC, is invaluable in the advice offered and the resources available. He or she will start you off on the right foot towards successful retirement by helping you to outline your goals, take steps towards achieving them, and working slowly and steadily toward your dream of retiring with security and prosperity.
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