Planning for retirement doesnt have to be stressful – here is the process broken down into 100 bite-sized steps.
Begin saving for retirement as early as your first job. If your first job has long passed, no worries! Watch the video below for some tips on how to make saving a new habit this year.
Know how many years you have until retirement. What is the normal retirement age (NRA) in your country?Â
Will you want to work until NRA or will you want to retire early? If you want to retire early, at what age?
Estimate the amount of money you’ll need annually in retirement.
Track your income and expenses to manage your savings better.
Aim for 3-6 months’ worth of living expenses.
Reduce or eliminate high-interest debt other than mortgage. Try the snowball method, or better year avalanche method!
Maximize contributions to 401(k)s, IRAs, or other retirement plans.
Know exactly what benefits they offer and how they work. Make sure that you have a copy of the plan rules too.
Estimate your National Insurance benefits and decide when to start taking them.
Look into rental properties, dividends, or part-time work.
Diversify your investment portfolio.
At least once a year.
Know about withdrawal ages and penalties.
Consider health savings accounts (HSAs) and long-term care insurance.
Look into rental properties, dividends, or part-time work.
Diversify your investment portfolio.
At least once a year.
Know about withdrawal ages and penalties.
Consider health savings accounts (HSAs) and long-term care insurance.