Here at ReadyForZero, we’re focused on helping people become debt-free. But what happens when you achieve that goal? It takes perseverance, determination, and a serious adjustment of priorities to eliminate debt. In an ideal world, all of those skills would then be transferred to the rest of your finances so you can begin to build wealth. By applying the payments you were making on debt to a savings fund and retirement fund you can carve a solid financial path for your future – and stay debt-free forever.
That’s why it’s so important to think about retirement savings. But it doesn’t only have to be at the end of your debt journey! Whether you’re just getting started and have only a few dollars to spare or you’ve sent in your last payment and have a brand new budget in front of you, there is no better time than now to save. To help you get started we’ve compiled retirement information from experts from around the web so you can have all the tools you need to start saving.
Introduction to Saving for Retirement
Are you new to the topic of retirement savings? Not to worry! As mentioned above, you already have the skills needed to set the money aside – now all you need to do is figure out what kind of savings and amount of savings makes sense for you. Take a look at these blog posts to get started.
Five Very Simple Truths About Saving for Retirement (The Simple Dollar)
How Much Should You Save for Retirement Each Month? (Cash Money Life)
Retirement Savings Strategies for All Ages
Simple math suggests that the sooner you can start saving for retirement, the better. Even putting away just a tiny bit of money each month now can help you save more than if you were to save double that amount ten years from now – all thanks to something called compound interest.
So when it comes to retirement – it’s never too early to start, but also it’s never too late to start! These blog posts will help you determine how best to handle things based on where you are right now.
Retirement Planning if You’re Under 30 (Wise Bread)
7 Steps for Baby Boomers to Take Now (Forbes)
Types of Retirement Funds
This is where things can get a little tricky. What type of retirement fund should you open? And is it better to stick to one or try multiple? Below is some information to help you figure out what kind of retirement fund (or funds) will work best for you.
The Roth IRA: A Saver’s Best Friend (Money Under 30)
Is the Roth Right for You? (Get Rich Slowly)
Individual Retirement Accounts (IRAs) (Schwab MoneyWise)
Here is where I should mention that this is just an introduction. There are numerous retirement plans that you can take advantage of, although Roth IRAs, IRAs, and 401(k) plans tend to get the most attention. Once you have a basic understanding of your options, your best bet is to seek out a professional who can help you customize a retirement plan that meets your specific situation.
Tax Benefits of Retirement Funds
So why not skip all the confusion and just sock your money into your savings account (or under your mattress)? Aside from the benefit of keeping your retirement tucked away and untouchable for other needs, having these accounts will give you specialized tax benefits. Take a peek below to find out how.
Saving for retirement sounds easy in theory, but if your eyes glaze over once people start mentioning 401(k)s, IRAs, tax brackets, and the like, then you’re not alone. This is a guide to simply familiarize you with the language and some basic information to get started. Now it’s time to take a look at what you can afford to put away every month and who you can talk to in order to determine where your money should go.