• Tim Lofton

Planning For Retirement: What Are Your Next Steps?

Planning For Retirement: What Are Your Next Steps


When to Start Retirement Planning There is not enough talk about retirement. When a person is young she does well to start putting money away for retirement. The power of compound interest can be exponential if a person can begin to invest in retirement in her twenties. When it comes to retirement, the idea is the sooner the better. If a person were to just invest $100 a month from the time he was 20 until the age of 60, he will have more than a million dollars. Even if a person begins to invest in his thirties or forties, he will still reap huge benefits. Even though sooner is better than later, it is best to start investing as soon as a person begins to work. Where to Start Investing In several western countries, debt can be a huge problem. Since that is the case, a person does well to get out of debt before beginning to save for retirement. This can be a difficult step, but with determination, discipline, and tenacity it is an attainable goal. After getting out of debt, a person does well to invest around fifteen percent of her income. The best way to start is by investing in a company's 401k plan. This is free money, so everyone should take advantage of these plans. After those plans are maxed out, invest in growth stock mutual funds or ETFs. Each person has to do his own research when it comes to the best choices for investing. Some people decide to work with a financial advisor, and this can be a smart move. There are other money-savvy individuals who decide to invest on their own through online investment companies. Regardless of the path that a person decides to take, investing is the only way to have a sufficient amount of funds saved in time for retirement. Retired and Financially Free Apart from just saving for retirement, there are other savvy things that a person does well to do in order to be financially free in her golden years. These things include paying off her home, investing in a rental property, and obtaining passive income. A person does not need to be rich in order to have a good retirement plan, he just needs to make a plan and follow through. By making savvy investment decisions, even a person with a low income can be a millionaire by the time he retires.

9 views
  • YouTube
  • Twitter
  • Facebook
  • LinkedIn
bbb logo.jpg

The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained on our Site constitutes a solicitation, recommendation, endorsement, or offer by The Retirement Blueprint™ or any third-party service provider to buy or sell any securities or other financial instruments in this or in in any other jurisdiction.  All Content on this site is information of a general nature and does not address the circumstances of any particular individual or entity. Nothing in the Site constitutes professional and/or financial advice, nor does any information on the Site constitute a comprehensive or complete statement of the matters discussed or the law relating thereto. The Retirement Blueprint is not a fiduciary by virtue of any person’s use of or access to the Site or Content. You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other content on the site before making any decisions based on such information or other content. In exchange for using the Site, you agree not to hold The Retirement Blueprint™, its affiliates or any third-party service provider liable for any possible claim for damages arising from any decision you make based on information or other Content made available to you through the Site.

©2020 by The Retirement Blueprint™