Retirement for Seniors

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Six Things To Do With Your Money Now To Enjoy A Stress-Free Retirement

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Date : November 14,2013
By : Anita Ginsburg

Planning for retirement is one of the most important life tasks for most people. You will need to save money for decades in order to be able to afford to retire at a reasonable age. Fortunately, there are steps that you can take right now to help make sure that you enjoy a pleasant and easy retirement.

Be an Educated Investor

Education is the key to knowing what to do with your money. If you don’t know anything about finances, it is never too early to start learning. Go to your local public library or search online and read about the areas of finance your are unfamiliar with. You should know where you want to invest your money, and for how long. Be informed of your options so you can make smart financial moves.

Budget for Splurges

Allow yourself a few splurges every so often. Set aside a specific sum each week or each month to buy that pretty pair of shoes or the cashmere scarf. Saving long term is a little like dieting. You need to let yourself relax every so often or you will go on a binge. Allowing yourself to purchase these items every once in a while will keep you from overspending. This will also help you budget your money better and be more conscious of where you are spending your money.

Get Rid of Credit Card Debt

Debt can be good or bad. A mortgage or student loans are helpful to get where you want, but credit card debt has several disadvantages. Rates tend to be far higher than salaries, and it is not tax deductible. Make a priority of getting rid of it as soon as you can, so can start investing your extra money and make a return.

Invest in the Market Intelligently

A balanced portfolio is a must if you want to save for retirement. Stocks nearly always earn more for you than any other source of savings. Look for stock market recommendations

online from financial experts and sources that you find trustworthy. Take risks with your money when you are young and watch it pay off down the road. Make sure you are diverse with your investing. Putting all your money in one place is never a good idea, not matter how low-risk it may be. You never know what might happen with the economy or certain industries that would cause you to loose some money.

Maximize Your 401k Contributions

Your 401k is your best friend in retirement. The money you invest here can compound long term and really help you retire. If you have a matching 401k at work, use it to it’s fullest extent as this is essentially free money from your employer.

Refinance Your Mortgage

Take advantage of lowered interest rates if you plan to stay in your home for at least another five years. You may be able to save thousands each month. Contact your local banker to discus terms and interest rates.

Saving for retirement can be stressful and scary. Use these tips to help ease that process. By investing your money now, you will make a large return on your money for a comfortable retirement.

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