You Don't Need to Be Rich to Retire Well
Tips to Get You Off to Retirement on a Budget
By Rosa Hayes, published Oct 17, 2007
Published Content: 826 Total Views: 439,137 Favorited By: 118 CPs
Let's say that there was a very wealthy guy who only invested what he felt that he would need when he retired, the rest was his to do whatever he wanted to with it. This person might have been able to spend extra money and still retire but it is the same with someone who is not as wealthy. A person who earns a certain amount of money every year can plan for the future by investing in mutual funds or by simply saving a certain amount of money for retirement purposes.
A person might think that they are not capable of setting any money aside because of their financial situation when they do not realize that if money is not there, they will not miss it. For instance; if you were to put away one hundred dollars a month and to make this a habit, after a while, you would not even miss the money because it has become one of your priorities instead of something that you can choose when and when not to do. This is smart planning for the future and for retirement.
Besides just adding to your retirement plan what would happen if you were to put away one hundred dollars a month over the course of twenty years? There would be an added $24,000 that you saved for your retirement and this is without any added money that you might have earned from it being in savings accounts or stocks and bonds.
The money that you save can also be added to your children's college fund or saved for those moments when you have a rainy day such as added unexpected expenses. The trick is that you should not take the money out of the savings plan in hopes of putting it back later. There are only a small percentage of people who can borrow the money and will put it back later.
All of this goes to show you that you do not have to be wealthy to retire well, you just need a plan to stick too and a goal that will allow you to sacrifice a little bit of your earnings.
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Takeaways
- Money that isn't there, will not be missed
- Making a plan to live by
- Keeping yourself and your money where you need it most
Did You Know?
Myth: You need to be wealthy to be able to retire well.
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Annette Robbins
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Posted on 10/21/2007 at 1:10:00 PM