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Home » Money Saving Tips » How to Save Enough Money for Your Retirement

How to Save Enough Money for Your Retirement

June 29, 2021 | Leave a Comment

Retirement often comes sooner than later. With that being said, reaching your retirement age without being financially secure can be a regrettable idea. Irrespective of your age, the best time to start preparing for the future is now. Any bankruptcy lawyer will tell you that financial planning is vital to enjoying your old age to the fullest. Many people understand the importance of saving for retirement, but they just don’t know where to start. On that note, here are a few tips to help you save enough money for your retirement.

Crunch the numbers

$1 million is often seen as the minimum amount of savings to accumulate for a stress-free retirement. However, your actual savings budget will depend on the kind of lifestyle you want to live during the latter phase of your life. For instance, if you have a relatively stable income stream and want to keep up with your living standard, you will need to save more.

Due to inflation, the value of $1 million may not buy more things in the coming years. So, start crunching the numbers to determine the retirement amount based on your current lifestyle and future. You could use online resources to calculate the monthly savings you need to contribute to reach your retirement budget. As you plan, don’t forget to factor in taxes, inflation, and emergencies.

Allocate 15% of your earnings to tax-advantaged accounts

It’s time to put your plans into action after crunching the numbers. Once you are free of debt and have your emergency fund set up, consider investing 15% of your gross earnings in your retirement account.  If your employer offers the 401 (k) match, get it and ensure that you invest the minimum amount. You can invest the whole 15% once you have good mutual fund options. Regarding your 401 (k), you can disburse the investment around four types of growth stock mutual funds. Search for funds with a good track over the long term.

Invest in crypto Self-Managed Super Fund (SMSF)

Another smart way to build your retirement portfolio is to join hundreds of other people who invest their SMSF into crypto at Swyftx. Investing SMSF into Bitcoin and other valuable cryptocurrencies will allow you to build your wealth. The Australia Tax Office (ATO) views SMSFs as a form of retirement savings fund. One main advantage of SMSF is that it comes with a low concessional tax rate of 15%. For long-term capital gains, you can enjoy a tax rate of 10%.

Turning Jewelry into Cash

Selling your old jewelry online can be a lucrative way to boost your retirement savings. Whether you’re looking to declutter your collection or part with pieces that no longer suit your style, there’s a market for all types of jewelry. Platforms like the Alloy App make it easy to connect with potential buyers, providing a convenient and secure way to sell your pieces. By taking advantage of these online marketplaces, you can turn your old jewelry into cash that can help fund your retirement dreams.

Cut down your cost of living

Across all demographics, cost of living ranks as one of the top reasons why many people lack sufficient retirement funds. Household incomes have fluctuated since the 2008 financial crisis, with the average cost of living rising by 18% over the past decade.  If you have not been mindful of your expenses, now is the time to budget effectively. A reasonable budget will help you gain control of your cost of living and plan for every dollar you earn.

Consider what unique strategies you might have, also. For instance, it could be that your career offers ways to save, such as looking at discount for teachers, or using a savings card thanks to your work in the public services. It’s always worth checking what you may be entitled to, and making use of it.

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Filed Under: Money Saving Tips Tagged With: cost of living, financial planning, retirement, retirement portfolio, save money, saving for retirement

About Rachel Marsden

A parent to 3 children ranging from 6 to 27! I love to write about parenting topics, Interior design, beauty and Money Saving Tips.

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