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It’s crucial to understand how well prepared you are for retirement. There are hundreds of retirement planning software packages available claiming answer this question for you.
If your employer offers a retirement plan, invest at least enough to get the employer match, if available. Most young adults can maximize their retirement funds by investing in the Roth option.
After an initial sense of freedom, many retirees experience anxiety, fear and boredom. If you don’t replace your career with something meaningful you may miss the sense of accomplishment and achievement that comes from completing projects, getting raises, promotions, bonuses or landing a new account.
Evaluate your current situation and determine how well prepared you are for retirement. Calculate the value of your retirement nest egg and develop a retirement budget.
To successfully live below your means, identify a clear picture of what you want to achieve. Set financial goals to provide you a sense of purpose and motivation to save money. Spending less than you earn doesn’t mean you can’t enjoy life and have nice things.
Avoid Rollover Mishaps – Money moved from an employer’s retirement plan should be transferred directly from the 401k plan to the custodian of your IRA. The check should be made payable to the custodian of your IRA account, not to you.