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Published On: Tue, May 1st, 2018

How to Ensure You’ll Have Money for Retirement

Saving up for retirement is something that everyone needs to think about, but a lot of people have no idea where they could even begin. How can you be sure that you will be able to save up enough money to live off when you are too old to continue working? Well, the tips below will help you get started, but it is always highly recommended that you speak with a financial advisor for personalised advice on your unique financial situation and financial future.

photo/ Rudy and Peter Skitterians

Find Out If You’re Eligible for a Pension

A pension could help you rest assured that you will have money coming your way when you retire. But it’s a good idea to look into the rules surrounding your pension, and it’s also wise to ask about how much money you can expect to receive once you retire. You should also look into experts like UK Pension Guru if you have questions regarding when you can receive your pension funds, and how you can go about getting them when you need them. And if you are planning on moving to another country, you will also need to find out if you could still take advantage of your pension even if you are living abroad.

Crunch Some Numbers

To properly save up for retirement, you need to be able to calculate just how much money you will likely need in order to make ends meet once you stop working. One easy way to figure out the minimum amount that you will need would be to add up all of your fixed monthly expenses. These could include your mortgage or your rent, your food costs, your transportation bills, your property taxes, and your utilities. Then, if you know what your pension will be or if you have a rough idea of what your benefits amounts will be, you could determine if you will have enough money to cover these fixed expenses. If not, you should take additional steps to budget and save more every month on your way to retirement.

Start Saving Every Month

The sooner you start saving for retirement, the better, especially if you are putting your money into a bank account that earns interest. All of those savings and interest will add up over time, and you might be surprised by how much money you will be able to accrue. But, beyond a regular savings account, you could also consider investing in the stock market to grow your savings quickly, or you could put your money into a 401(k) if your employer has offered one to you. And you also have the option of opening up your own Traditional IRA or Roth IRA (individual retirement account) in order to build your savings until you are ready to retire.

Saving for retirement might seem daunting at first, but there are several smart ways that you can ensure you will have enough money once you stop working in your golden years. You might want to talk to a financial advisor to learn about these many retirement savings options and to choose the one that is best for your needs.

Author: Carol Trehearn

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