Don’t give up hope on saving the nest egg you need for a secure future!
I just read this article on foxbusiness.com snippet below…
” Saving for retirement requires investing a substantial amount of money. Sadly, many Americans don’t think they’ll be able to do that. In fact, according to a recent study on retirement readiness conducted by Allianz Life Insurance, 32% of near-retirees believe they’re so far behind on retirement savings goals, they’ll never catch up.”
Of course, the more money you have the better and it is the norm to feel like you’re not reaching your goals. We strive to work smarter, be more efficient and have a safe, secure retirement plan.
A little outline of the article savings points below…
Take Advantage of Your Tax Breaks
- Employer matching 401k, take it and make the most of it
- Use HSA’s to contribute to and not pay tax on contributions
- IRA’s
- Fixed Indexed Annuities
Retirement Savings S&P 500 Disclaimer: *Indexed Annuity is linked to the S&P 500 with 40% participation in the up years and a 0% no loss protection floor in the bad years. In this example, we used a Midland Life Annuity, which has a 40% participation rate in the stock market. We got nearly the same return as the stock market with no downside risk! From 2000 to 2020, there were three major bear markets and owners of the stock-indexed annuities avoided all three. Now that’s what I call “peace of mind” investing!
Budget Yourself
1. Eat out Less
2. Drop a Bad Habit
3. Take Care of Your Health
3.1 Savings in missed work
3.2 Savings in medical bills
Work Longer into Your Retirement
1. Current Job
2. Something New or From Home
Reduce Expenses in Retirement
1. Move to a smaller home
2. Move to an area with a lower cost of living
Maybe some or all of these ideas are doable for you. Or you want something totally different. That’s great too! Maybe you’re already in retirement and want to maximize your savings without risking any market loss, that is totally doable!!
Retirement savings
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1 Comments
Tim K
I worked hard for 44 years. A single income family. We bought a home. Lived in it for 10 years. Sold it & bought another. Payed it off in 15 years. Put 2 through school. Saved for our golden years and we split up. When I retired I thought how I would have to live? How long would my hard earned 401K last? Where would I live? How about my sons? My grand children? I thought “I didn’t work hard for 44 years to have these financial issues.”Joe Uppleger not answered every question but I have no financial worries for the rest of my life. NO MATTER WHAT HAPPENS WITH THE STOCK MARKET I’LL BE OK! My sons & my grand children will be taken care of. Thank you Joe Uppleger!!!