It’s never too early to start planning for retirement. As a matter of fact, the sooner you start saving and looking for creative ways to boost your retirement savings plans, the more comfortable you’ll be when it’s time to kick back and enjoy the golden years.
Jobs with Pensions
Jobs with pensions are few and far between these days, but those that are out there guarantee an income stream other than Social Security after retirement. Public servants, teachers, and military members usually have pensions.
Open an IRA
Open an IRA, even if you already have a 401(k) savings plan through your employer. Your main choices are the Traditional IRA or the Roth IRA. Talk to a financial planner about the tax implications of each as well as the annual maximum contributions.
Sell Your Junk
We all have things we don’t need lying around the house. Sell them at yard sales, in online yard sale sites, on Craigslist, or anywhere you think they’ll sell. Instead of pocketing the cash, add it to your IRA or investment account.
Save Found Money
A lot of people think of “found money” – a bonus, raise, or refund – as money that can be used to splurge. Stop wasting it. Treat yourself to something small and then stash the rest away in one of your retirement accounts where it can earn you some interest.
Municipal bonds are issued by cities, states, and more local areas as opposed to the federal government. The difference between these and federal bonds, however, is that all municipal bonds are free of federal taxes. They’re also less likely to default when compared to corporate bonds. It’s a low-risk, win-win.
~Here’s to Your Financial Health!