Senior Center

How to Start a Savings for Retirement

By Daniel @ LivingSenior - March 5, 2013

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Your retirement savings is one of the most important elements for planning for your future. Without a savings, it can be difficult to determine how you are going to be able to comfortably live; most individuals do not want to resort to living with their family members or friends after they have retired. Since many seniors are focusing on being independent, the best course of action is to create a solid savings for the day when you become a retiree. Here are some tips to consider for planning out your retirement savings.

Consider How Much You Need To Save

If you already know what your goals for retirement are, find out how much money you will need in order to meet those goals and live comfortably. When you know how much money you will need on a regular basis, it makes it easier to begin figuring out how much you need to save in the present moment. Keep in mind that prices can also increase during the future, so saving a little extra beyond your financial goals is a good way to ensure that you will be okay no matter what happens.

Consider Any Extra Income

Do you receive any extra income as a result of pension or some other type of funding that you receive? Instead of spending it, consider saving it over a period of months so that you can eventually use it to contribute to your retirement savings instead. Saving up extra income now instead of spending it frivolously will ensure that you will have some extra money in the future, when you may need it the most.

Talk to Your Employers

Most employers will have some sort of savings that’s already created for your retirement, such as a 401K. However, not all employers offer them. Alternatively, there are some employers that will only allow you to opt in to the program after you have expressed interest in saving for your retirement. Find out what your employment currently offers so that you can determine if you will need to create your own savings fund separately at a bank or if you can rely on the 401K account provided by your job.

Contact Your Bank

Most banks now have specific programs that are aimed towards seniors who are seeking to prepare for their retirement. Get in contact with your bank to find out what they have to offer and if you qualify for the program. By establishing a savings account for your retirement at your bank, you can generally grow some interest on the savings and increase it over a period of time.

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Comments (1) -

11/4/2013 10:54:21 AM #

Hi there--

Can you write about this in a bit more depth?  I feel like it needs more information

Jerold |