Having a plan for retirement as well as a healthy nest egg for when that day comes is an important step in financial freedom. While trading is our cornerstone, we all know that ensuring your financial future after you stop working is an important aspect of your overall financial plan.
When should you begin your retirement savings plan? As early in life as possible… even people in their twenties can probably put away a few dollars a month and get in the habit of saving for the future. They’ll have the best opportunity to take advantage of compounding, so the money in their retirement savings account makes more money. And a lifetime of savings can help weather any bumps in the road to a secure retirement caused by market turbulence.
Is it too late to start retirement savings if you’re in your fifties, sixties or even older? Absolutely not. And if you’re off track in saving enough for a comfortable lifestyle, the secret is to increase your rate of return. Be more aggressive in seeking out high-performing investments while at the same time managing your risk so you don’t lose what you’ve built up. You might also consider self-directing your retirement savings plan, rather than using a broker or advisor, to save on fees.
In our graphic below, we’ve shared a few more simple steps you can take today to cultivate and grow your retirement account.
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