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  • Writer's pictureJohn Caserta, MSFS, ChFC®

Retirement Savings - Do I have enough to make me last?

Unfortunately, saving for retirement isn’t as easy as 1, 2, 3 and I’m free. A lot of factors may be important to consider when thinking about your future job-free life.

There’s more to think about when you’re told that if you can’t afford to retire right away, you must keep working. Physical and mental hindrances are always a component to figuring out the right way to consider retirement. Exploring options that may resonate with you will hopefully inspire you to take a step in the right direction.

Continuing to work after the “retiring-at-65-years-old" normalcy could be beneficial if that is able to be arranged. Not only does more time working mean more income, but it also means more time to put money into your 401(k) and less years to spend your retirement money. However, working doesn’t always mean continuing a career past 65. This can include doing something you're passionate about, while still having some form of income; such as, working at a local bakery making sweets or even as a photographer selling pictures you take.

An important practice to start following is decreasing your expenses. Budgeting is a huge help when planning for retirement. Being aware of your expenses and tracking them is key. If you notice that you can be spending less, or not at all, on an expense, make sure to follow up and decrease your spending habits. Ask yourself frequently, “is this really what I NEED?” However, if you can afford the expense, do it. It’s all about balancing!

Growing pressure to retire may seem like too much. However, it’s important to know that whether you started saving early or a little late, saving is saving. Start now if you haven’t, so you can make sure you’ll have something to work with later down the line. Just remember, the secret to getting ahead is getting started.




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