What is your dream retirement? When retirement day arrives will you be ready? More importantly, will your nest egg sustain the retirement of your dreams? If the answer is no, maybe or I don’t know, then consider making changes in your finances now to secure your ideal retirement.
I define “dream retirement” as a future where you can do what you want and experience the freedom from working. Most commonly, people living the dream retirement made it by sacrificing “wants” earlier in life; committed to a plan and followed it. They stayed focused on the goal and didn’t let distractions sidetrack them. They most likely lived on a budget, systematically saved for the future and worked hard to get out of debt and stay out of debt.
What can you do now to prepare for your retirement? Here are some steps to take:
1 – Consider a budget. If you’re not telling your money where to go each month, then it will disappear without going to the important things – like retirement. A budget keeps your financial priorities in line and gives you a strategy for your money.
2 – Work towards becoming debt free. Think about the amount of money you could put towards retirement if you didn’t have credit card or car payments. Imagine not having a mortgage payment. Having a plan to become debt free is essential for a dream retirement.
3 – Consult with a professional. Talk to a Financial Advisor, ideally someone with the heart of a teacher, to explain the best way to invest your money based on your financial situation.
The good news is that it is never too late or too early to get serious about retirement planning. It doesn’t happen by accident. It takes intentional action, and only you can take that next step!
Information in this material is for general information only and not intended as investment, tax or legal advice. Please consult the appropriate professionals for specific information regarding your individual situation prior to making any financial decision.
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