If you’re searching for a one-and-done shortcut to retirement, you’ll soon discover, if you haven’t already, that it simply doesn’t exist.
You can’t just plan for retirement overnight and expect to wake up to 40+ years of savings in the morning. It takes patience and requires strategy.
In many ways, the formula for retirement is comparable to the story of the Tortoise and the Hare in the sense that “slow and steady wins the race”.
Have you been rushing through your savings without a post-career lifestyle in mind?
If so, I’ve listed a few EASY tips that will set you on track to developing the retirement fund you deserve.
The #1 tip for retirement is to start saving early.
I’m sure you’ve heard this before, but the earlier you begin to set aside money for retirement the easier it will be.
Like the Tortoise, the race for retirement is won by small contributions day-in and day-out at a steady pace.
Let’s say you were more of a Hare and you failed to stow away some savings during your 20’s or 30’s… or even 40’s, either way, it’s never too late to begin.
Don’t let this delay discourage you!
Instead of stressing yourself out and getting overwhelmed at the thought of preparing for retirement START NOW.
Even if you’ve managed to accumulate decent savings and you’re confident in your retirement, it’s never a bad idea to save more than you anticipate you’ll need.
But how much more?
Technically, there’s no exact amount of cash to save for retirement because it can vary so much for each individual person.
Life is bound to throw you some curve balls and unexpected financial obligations are sure to arise. The key is to control your spending and adapt to living on a budget.
Once you’ve learned how to do this, the only thing left to do is to let your money grow.
After you turn your cash into savings, DON’T TOUCH IT. I know it may be tempting at times, but you’ll thank yourself once you’re older and happily retired if you establish this self-control and let your retirement fund build.
Ask yourself, what’s more important: the instant gratification from a spontaneous shopping spree or thirty or more years of a comfortable retirement?
I think the answer is pretty self-explanatory.
You can compare these mishaps to the breaks the Hare took during his race with the Tortoise that eventually cost him the win.
Don’t nap along the road to retirement!
Discipline yourself to consistently push forward and contribute to your savings account. This doesn’t require thousands of dollars of deposits into your retirement account, but rather small portions that eventually amass to a fund that you can use to support yourself with during retirement.
Remember, when it comes to saving for retirement, slow and steady wins the race.