We all know that life stops for no one. We must keep up with the market in order to be accountable for ourselves. This accountability includes our financial health as well. The reality of this is that most of us are not able to stockpile millions for our retirement. Fortunately, there are some easy ways to save a comfortable cushion that will not only help sustain your lifestyle but even protect you in the future if anything happens.
Saving For The Future, Now!
Some of the best financial tips are well known but not always practiced. We’ve listed our favorites for review.
Many individuals live a comfortable life but never look toward the long game when it comes to savings. When retirement finally becomes a possibility, the likelihood of actually retiring is slim to none. If you haven’t started saving, look into your options today to build a comfortable life for your future self, too!
Contribute to Your 401(k)
Depending on your employer’s 401(k) setup, this can be a very helpful tool in getting more bang for your buck. Most plans allow employees to put pre-taxed money into their 401(k), which actually allows them to put more toward their savings each pay period. Speak with your employer about what is available through your plan as well as a financial planner to discuss the appropriate opportunities for you based on your savings and tax bracket.
Look Into IRAs
There are also external savings plans available through Individual Retirement Accounts, or IRAs. These accounts are government sponsored and tax-deferred, making them a great opportunity for those of you without the employer infrastructure of a 401(k).
Catch Up Contributions
Let’s say you are over the age of 50 but were unable to save as much as you would have liked over the years. Catch Up Contributions are another incredibly helpful way to help you meet your retirement goals. This element within most IRAs and 401(k)s allows individuals over 50 exceed their plan’s limits by contributing more on an annual basis. Because you are able to invest more of your income in these accounts, you can increase the padding on your retirement savings cushion.
Financial Support During Retirement
Life is a rollercoaster and sometimes you just can’t plan for everything that will happen, even during retirement. This is why there are additional outlets for support even if you have already retired.
Life insurance can be used as one of these support systems. Because of features built into the plans as well as modifications that can be made to them, life insurance can provide the support you need during uncertain times. Some of these plans, like whole life insurance, can even be borrowed against in an effort to provide a necessary but relatively short-term cash flow. Other plans, like term life insurance, can provide the peace of mind you or your family may need as you pay off a debt.
The details of life insurance can seem confusing so speak with a trusted industry professional to work through which plan(s) will offer you the support your need, specific to your circumstances.