How to Save for Retirement: 10 Tips From Career Experts

By ResumeKraft

Here are 10 tips to help you tune up your retirement planning. Some might sound familiar; some will sound brand-new.

The earlier you start saving for retirement, the more time your money has to grow. If you start saving.

1. Start saving early

Try to make saving for retirement a regular habit, like paying your rent or your utilities. The more disciplined you are about saving.

2. Save regularly

If you have a hard time saving regularly, consider setting up automatic transfers from your checking account to your savings account.

3. Save automatically

not just for retirement: It’s important to have other savings goals in addition to your retirement savings.

4. Save for retirement

There are a number of different types of accounts that offer tax breaks for retirement savings.

5. Save in a account

common guideline you’ll hear is that retirees should be prepared to replace 80% of their income in retirement.

6. Retirement Spending Now

You can start collecting Social Security benefits at age 62. But should you? You can start taking 401(k) distributions penalty-free at age 59 ½.

7. Retirement Income Options

We’ve all been through a major trauma in 2020, and that included watching our retirement savings swoon. That’ll never happen again, right?

8. Post-Crisis Risk Tolerance

Whether you’re already retired or you’re making plans for retirement, now’s a good time to think about how you might earn additional income.

9. PTW for Retirement

Lists of retirement tips like this one might make you gun-shy about leaving the workforce in 2021. That’s OK. Given all the economic uncertainty.

10. Postpone Retirement?

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