Saving for Retirement
Whether you are 22 years old and just out of college or 55 just getting your kids out of the house, saving for retirement is an important decision. Also choosing not to make a decision - is a decision. Nike came up with the "Just Do It" slogan from someone saying "You said tomorrow yesterday". Procrastination is a killer in saving for retirement.
In today's article we will be reviewing the different strategies that people may take when saving for retirement, and in tomorrow's article we will provide you with different advisors opinions.
Saving for Retirement
There are several common theories in saving for retirement:
- Create a plan for retirement. Pay off debt, live below your means, and save for tomorrow because you never know what tomorrow may bring.
- Live off the government. Many people depend on the government to take care of them when they retire. Medicare, Medicaid and Social Security are three entitlement programs that are in place to help seniors and those with low incomes.
- Create a business and have it cover your retirement. People typically with thicker skin and a riskier spirit will choose to follow their dreams and create a business in hopes that it can provide for them through retirement. Many people have made this gamble and succeeded beyond their wildest dreams. However, many people have seen the cards turn the other way.
These are not the only methods in saving for retirement but they are a few that are seen today. Now we will take a minute to break these down in short form, for more information on saving for retirement or what to do with the money once you retire - call 1-877-936-2991.
Create a Plan for Retirement
There are many financial advisors and TV talk show hosts like Dave Ramsey that provide sound financial advice for creating a plan and sticking to it. The basic concepts they promote are as follows:
- Create an emergency fund of $1,000 and start spending less than you make.
- Pay off all debt minus the house
- Create an emergency fund that is 3-6 months living expenses
- Start saving for retirement by putting 15% of your pay into either 401k plans through your employer or by saving in a Roth IRA
- Begin paying down your house
- Begin Investing for the future
- Live to Give
These steps will guarantee success if you follow them with intense discipline. Also consider starting this program today, not tomorrow (JUST DO IT). Beginning this program at an early age will ensure success!
Live off the government
Living off the government is an option that most people don't start out with. Planning on having Medicaid and Social Security alone is not a plan that most people start out with. Some people end up with that option after having health issues or financial issues come along that they feel were to great to overcome. However, if you do get to a point where you are unable save for retirement there are options in which the government can help.
Creating a CASH FLOW entity
Creating a business is another way of saving for retirement. A business can provide you with cash flow and assets that will create a continual income flow throughout retirement. Entrepeneurs and Go Getters prefer living their dream and creating wealth that is not dependent on the government or pinching pennies.
You always hear the slogan "Do what you love and you will never work a day in your life." This is very true and can also be very beneficial when it comes to retirement planning. We encourage our readers to follow their dreams but to make sure they have done proper due diligence prior to jumping in and launching a new business.
If you are looking for a way to save for retirement and have financial freedom contact MWG Senior Services at 1-877-936-2991.