We hear it all the time: now is the time to start planning for retirement! But the fact of the matter is, no matter how old you are, it is never too early to start thinking about and planning for retirement.
Whether you are in your 30’s or your 60’s, there are some behaviors you can start now so you are set up for a happy retirement:
Find three core pursuits
Core pursuits go beyond hobbies – they are the things you are absolutely passionate about. Your core pursuits should help define you and focus on your top priorities. Some examples are volunteering, travel, and sports. Not only will these pursuits help you pinpoint what fulfills you, but they help keep your mind and body young!
Create multiple streams of income
Diversifying where your money comes from is the best way to feel financially secure when you stop working. Some different sources include social security, pension income, income from investments and government benefits.
Regularly review your retirement plans
Planning for retirement takes time. You should be spending five or more hours per year doing so. Saving at a young age is the best way to ensure that you will be able to live the comfortable future you desire. The first step is to think ahead and develop ideas about what you want your retirement money for. This will help you create a method for saving towards that goal. Each person’s formula will be different, but the key is to figure out what you want in retirement and what will get you there.
Although retirement seems like forever away, the time will come where you will be glad you did all that you did to save for retirement. Titonka Savings Bank offers IRA’s to help get you started today. Give us a call or stop by for more information on retirement savings accounts.