“Far too many people make bad choices when it comes to retirement. It’s the equivalent of choosing candy bars over the solid meal…
“How can we make better decisions for retirement planning? One principle is the knowledge that increasing saving over time will build a bigger nest egg. Here are three key moves that can lead to a better outcome”:
In today’s society, with so many demands on our money, retiring is a challenge.
“With so many money distractions, having a system to get on track to retire earlier — and stay on track — can help. A weekly money meeting, an appointment you keep with yourself or your partner if you have one, can be a great start. ” Ask yourself these questions and more (10 total from Forbes):
What do I want to do in five or ten years that I need to start saving for now?
What is a major financial goal that I would like to accomplish within the year?
What steps do I need to take right now to reach that goal?
Here’s a quick estimate on how much you should save per major expense.
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“With interest rates going up, the cost of borrowing money to pay for major life expenses is also going up. The Federal Reserve has already raised the interest rate three times this year and will most likely raise rates again before the year is out. After years of relatively unchanging rates, it’s become more important for consumers to plan for major expenses. Planning can include researching prices, creating a budget and – most importantly – saving as much as possible to put toward the goal.
“The key to preparing for any major expense is knowing how much to save. While everyone’s financial situation is different, there are some rules of thumb to keep in mind for most major expenses.”
Many of us, when faced with that reality, struggle with how we could possibly save more. Following are some thoughts from Forbes on how you can meaningfully begin saving more today for your retirement.
photo from 401kcalculator.org
1. Increase your 401(k) contribution percentage whenever you get a raise
2. Capture all the employer match
Read Forbes’ other five thoughts here: “The 7 Easiest Ways To Save More For Your Retirement.”
When it comes to money, Americans not only want more; they want to manage it better. A new NerdWallet survey conducted by Harris Poll reveals that most folks aren’t happy with the state of their finances and they’re taking steps to change the situation.
To see how Americans are dealing with this financial balancing act, NerdWallet commissioned a survey by Harris Poll of over 2,000 U.S. adults conducted online Sept. 12-14, 2017. The results show that most Americans have financial regrets and stressors, but they also have goals and are working to accomplish them.
Americans wish they had done some things differently, with 71% expressing regrets when it comes to money management. Millennials (those ages 18-34 in this survey) are more likely than the two other age groups to have such regrets (83%), according to the survey.
But they are looking ahead: 89% of Americans say they have financial goals that they hope to achieve within the next 10 years, and 88% are taking steps right now to manage their money.
Trying to figure out if renting or buying is best for your family? Thinking about a few questions can help you answer this question.
“Homeownership was once the cornerstone of the American Dream, but times are changing. More U.S. households are renting today than at any point in the last 50 years, according to a Pew Research Center analysis.”
How long are you planning on living there?
Consider all of the hidden costs associated with both renting and owning.
Are you saving and investing? Or throwing your money away?
Each generation has a different priority when it comes to their finances.
Our nation’s different generations (centennials, millennials, xers, boomers, matures) place five categories in different order of importance. While some focus on building a nest egg, others concentrate on paying down debt, keeping a budget and controlling spending, saving money for emergencies or what-ifs, or saving for something specific.
“Silly question, right? Who doesn’t want some extra cash? The good news is, there are simple things you can do in just 20 minutes to avoid wasting your hard-earned dollars. Jump right in and get started to take advantage of the savings.”
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1. Ask your credit card company for a reduced interest rate or an annual-fee waiver
2. Cancel a service that isn’t providing value
3. Raise your insurance deductible (if you can cover it)