Posts Tagged ‘Retirement Tips’

Jump Start Your Retirement in 2014

Tuesday, January 28th, 2014

Jump Start Your Retirement

Making your retirement should be a priority when the economic future is so unstable. Will Social Security still be available in 20 years, and even then Social Security is only designed to be a retirement aid and not the majority of your retirement. Pensions are a thing of the past and should not be relied upon. Frankly, most young adults who are new to the workforce probably don't even know what a pension is. Because of fading retirement options most people must turn to IRAs and 401ks to secure a solid nest egg for retirement.

The following are a few tips to help you jump start your retirement nest egg in 2014 regardless whether you have an IRA, 401k or a self directed IRA or 401k.

Plan Your Retirement

Many experts would agree that planning your retirement is vital to make sure you have enough money to last you through your  retirement. It is far more likely that you will save for retirement if you actually make a plan. Those who do not make a plan tend to never think of their retirement until age catches up with them and they realize that they may never be able to retire. Make sure to start today if you haven't already created a plan for your retirement. It is also a great idea to re-evaluate your retirement and to see if you are on track or if any numbers need to be recalculated. For more tips on planning your retirement read, Is Your Retirement Plan Ready?

Increase Contributions to Your Retirement Accounts

The best way to jump start your retirement is to contribute to your retirement accounts. If possible max out your contributions each year. The contribution limits are different for IRAs and 401ks so make sure you know your limit, but if you can max it out. If maxing out your contributions isn't possible then any contribution can have a great impact. Start out by saving a little bit whether it be $50 a month or even just $5 a month. More than likely you won't feel a huge hit on the cash you need each month but in the long run your retirement will see a great boost. Contribution limits for 2013

Diversify Your Portfolio

There are plenty of great investment professionals that suggest diversifying your portfolio. Making sure you are diversified among your investments is crucial to minimize a down economy. One solid way to minimize your risk is to invest in non-traditional investments. Some of these investments can be real estate, precious metals and even private equity. One thing to note is that many investments professionals do not know that you can invest in these non-traditional investments with an IRA. While many do not know about it, it can be done with your IRA through what is called a self directed IRA or a self directed 401k.

Get Your Head in the Game

If you have the time and/or patience it can be a great option to manage your retirement investments yourself. For most people it is wise to start out slow and setting up a self directed IRA can be just right for those wanting to start the process of managing their own investments. Maybe you want to start out buy purchasing some precious metals in your IRA or maybe you have always wanted a real estate investment inside your retirement account. Whatever it may be, a self directed IRA is a great option for taking control of your retirement accounts and what they are invested in. Make sure you know these Self Directed IRA Rules to help maxamize your potential.

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Tips to Help You Retire Early

Tuesday, January 21st, 2014

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Do you find yourself working late or even on weekends? Maybe your work is holding you back from taking that vacation you have always wanted. If that is the case for you then I bet the thought of retirement sounds really good. Being able to wake up and do as you wish; maybe a round of golf, some time at the gym, taking the family on a road trip or beach vacation.  Doesn't it sound attractive to retire early?

Most likely you aren't able to retire yet because you aren't ready financially. The earlier you start the journey of saving for retirement the more likely you will be able to retire early. Here are a few tips to help you retire early:

Save Early

This is a no brainer but time and time again people hold off. The longer your hold off saving the more you will need to save to make up the difference. It really does pay to start early.

Get the Advice of a Professional

Meeting with a financial advisor can really help the starting process. It is important to start early but also start correctly. Your financial advisor should be able to help you set up a financial savings plan for a targeted retirement date. They should also be able to help you set up your retirement account making sure to help get you the best account for your situation and wants. The two main accounts you need to know for retirement are IRA and 401k. There are also different types of IRA's and 401ks. For example, SEP IRA, Roth IRA and Traditional IRA. You will also want to be aware of self directed IRAs and 401ks as they allow you to invest in non-traditional investments.

Opt in to Workplace Retirement Benefits

Many businesses offer retirement accounts as part of their benefits packages. Often employers will even match a certain percentage of funds contributed to those accounts by the employee. What it means for you, FREE MONEY. It should be a huge no brainer that this is one of the best things you can do for your retirement.

Cut Spending

Do you really need a new home, luxury car or boat? If they are things that truly you need or can stomach buying maybe try to cut back a bit by not getting the most expensive home, choose a car that isn't too expensive but covers your needs. Simple strategies that can help you save more for retirement.

Take Advantages of Tax Benefits

There are plenty of tax benefits out there you just have to know where they are. Your financial advisor should be able to help you stay on track with getting the most out of tax benefits.

These are just a few tips that can help you get on track to save more money for your retirement in order to retire early. If you are looking for more retirement help talk to your tax accountant or read more: Now is a Good Time to Check Your Retirement, Is Your Retirement Plan Ready?

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