Top Ways You Can Manage Your Own Retirement

Top Ways You Can Manage Your Own Retirement

A financial advisor can help you maximize your retirement savings, but they won’t do it for free. If you have a knack for finances and an understanding of investment strategies, there’s no reason you can’t do it yourself (and if you don’t have those things, there’s no reason you can’t learn).
We’ve made a list of the top ways you can manage your own retirement to save a few extra dollars, and remember: every dollar matters!

Take Planning Seriously, and Start Soon
The first and most important tip is: start saving as soon as possible. Ideally, right now. Well, maybe after a calculation or two. Determine how much money you need every week or every month, and figure out how much of the remainder you can comfortably set aside for the future. Once you’ve done that and you’re committed to sticking to it, congratulations! You’re planning for retirement.
Some workplaces offer retirement plans with employer-matching opportunities—if you’re offered this plan, consider opting in! Employer-matching means that your employer will contribute a percentage that corresponds with how much you save. For example, if you save $1,000 of a paycheck and your employer-matching rate is four percent, you’ll get an extra $40 toward your retirement savings.

Don’t Retire Too Early
Early retirement sounds appealing—who doesn’t want a few more years without work? However, by retiring early, you’re missing out on the best Social Security payments. The longer you wait to retire, the more money you’ll receive each month from Social Security.
If you have a sizable financial reserve and aren’t planning to rely on Social Security at all, feel free to retire when you want. If Social Security is a major way you’ll pay your bills, you may want to wait until you’re 66 to 70 to retire.

Learn How To Invest, and Do It Yourself
People who understand the wisest investments and use their own money stand to save the most for retirement. The checkbook IRA allows you to do just that—while other retirement plans incur transaction fees when withdrawing money, the checkbook IRA allows you to manage your assets freely. This means you can take more control over your investments and increase your mobility.
Now that you know the top ways you can manage your own retirement, start researching investments and enjoy your 70s with a nice cushion!


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