You don’t have to be told that Americans today are not saving enough for retirement. If you haven’t started saving for retirement, here are some quick rules to remember to get you started.
- Try to save eight times your salary or use the 4% rule. When you’re preparing for retirement keep in mind that you have to still pay bills and as I’m sure you already know bills can add up quickly.
- When you are newly retired, it can be very beneficial to reduce your monthly bills. One of the first places to look to save is your home. Homes are typically the most valuable assets that people have so it can definitely serve as some sort of income for you. Sometimes downsizing can be the answer. However, sometimes downsizing is not the right move for everyone. There are some typical costs that you have to think about when you’re downsizing. Realtor fees and costs for closing are very typical if you sell your house. Also, you may have to do some minor changes to your home before you’re able to put it on the market to sell. Yes, you can definitely save some money when you move to a smaller place when it’s all said and done. But there are some other things that you have to consider when you’re moving. Florida currently has no income tax but New York has really high income taxes. So you might not be able to actually save money if that is the case. These are just some things to consider if you’re considering downsizing.
Of course it’s not easy to have a worry-free retirement when your retirement nest-egg is still invested on the risky stock market. On-going fees and commissions along with the risk and corruption that exist within the financial industry could cost you a great deal of your retirement savings, and that’s money you cannot make up if you’re already in retirement and not working. Get educated on the exclusive Crash Proof Retirement System which is guaranteed to protect your principle so when the market crashes, your accounts stay even, but can also be designed to generate income and take advantage of market increases. Start your education today by calling 1-800-722-9728 or go to Crashproofretirement.com and register to attend a no-cost/no-obligation educational event with the creator of the proprietary Crash Proof Retirement System: Phil Cannella.
Who is Phil Cannella? Watch below.