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Added on the 14/12/2020 16:46:22 - Copyright : Wochit
Just because you've worked hard and saved for years, don't be complacent--it doesn't mean you can afford to retire. According to Business Insider, if you haven't upped your savings rate over the years, you may not have saved enough. That's because the typical 3% people put into their 401(k)s just isn't enough to cut it these days. Another red flag is that you saved cash over the years, but didn't invest it. Despite the vagaries of the stock market, investing money is better than stuffing it into a piggy bank. Finally, if you've made significant early withdrawals from your retirement plan, you're probably years away from retirement. Preparing for retirement is a matter that requires planning, strategy, and active participation. Seek out professional advice.
Business Insider personal finance contributor Alexis Rhiannon opened her Roth IRA in her 20s and has managed to max it out every year. That is, she's maxed it out every year ever since she began using a strategy she calls 'squirreling.' To meet any annual savings goal, like an IRA contribution--or anything else--just divide the full amount by 52 weeks or 365 days. Then, set up an automatic transfer from your checking account for that amount to go into your IRA, or any other account you can't access easily. After all, the annual ROTH-IRA contribution max for 2020 is $6K if you're under 50, or $7K if you're over fifty. That means you need to save $116 or $135 a week, or $16.44 or $19.18 a day. If that's too ambitious, you can always lower the amount, but you can still make great headway.
Business Insider contributor Bethany McCamish's aunt is super-smart with money. Now, she wants to share her aunt's simple technique for amassing bucks. McCamish admits she approached building her own emergency savings account by trying to save 'whatever was left' at the end of the month. Years of using that technique presented irrefutable evidence: it doesn't work. At all. Ever. Finally, she tried her aunt's technique. She wrote a check to her savings account just like she paid any other bill, no matter what. Her aunt now has a $45,000 emergency fund, a fully funded IRA and ROTH-IRA, a 401(k), and a pension fund. Now 62, she can retire comfortably. Think of yourself as an investment, and this means saving first. Kathy McGlaughlin
Dublin, May 5 (EFE) .- (Camera: Conor Mccaughley) Like every morning on May 5, Jake Mac Siacais has visited the Milltown cemetery in Belfast "to pray" at the grave of Bobby Sands, the leader of the IRA who died 40 years ago in the Northern Irish prison of the Maze after a hunger strike, an episode that shocked the world and radically transformed the conflict in the British province.FOOTAGE OF THE CEMETERY IN BELFASTSOUNDBITES BY MAC SIACAIS
Freelance writer and Business Insider contributor Rebecca Chamaa and her husband had ambitious savings goals when they first got married. On the other hand, they weren't quite sure how to go about it. Should they save a fixed amount of income each month, or a percentage? If you have an employer-matched 401(k), Chamaa says it makes sense to at least contribute the same percentage. Otherwise, you're losing money! Also, live below your means. As your income rises, so will your savings. And if you pay off your debt, you can always increase your percentage, too. Same with bonuses. If your income fluctuates, save or invest what's left over after your bills are paid!
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