3 Sure-Fire Ways by William Schantz to Save Money for Your Retirement
Most people are concerned about making ends meet once they have retired and are not actively working or earning anymore. These concerns are not unjustified. There are plenty of reasons why someone may run out of money after they retire. For instance, healthcare at an older age can be very expensive or some people might live longer than what they have planned or saved for. According to William Schantz, when it comes to saving sufficient money for retirement, a lot of Americans fall short.
As per the reports and stats from the Federal Reserve, one-fourth of Americans have zero to very low retirement savings. On the other hand, two-thirds of the non-retired population in America are unable to meet their retirement savings goals.
If you are also unable to meet these goals, here are some sure-fire ways to help you out by Schantz.
How to Save Money for Your Retirement? – A Guide by Schantz
If you are getting closer to the time of your retirement, here are some tips to help you out:
Communicate with your Partner or Spouse
Going through retirement is one of the most significant changes you will experience. It is extremely important to keep your spouse or partner involved every step of the way. Communicate openly with them about:
How much do you want to save
What methods you can use to save
What your expenses would be like after retirement
Make sure that you are on the same page and have the same outlook on what your retirement would be like. Discussing your retirement plans is just as important as discussing your finances pre-retirement, according to Schantz.
“Set a Budget and Stand by It” – Schantz
A budget can play a vital role in retirement planning. This will help you set aside the money for your retirement and not worry about going out of the way to save. The easiest way is to make sure that you start saving for emergencies and retirement each month, as soon as you start working.
Some people also prefer to seek professional guidance for a solid retirement plan which is also a great way to start. Once you know what your expenses are, you will be able to save whatever income is left. The ideal way is to split your savings two ways, one in an emergency fund and the other for retirement savings.
“Pay Your Mortgage While You’re Working” – Schantz
If you want a solid retirement plan, make sure that your home is mortgage-free before your retire, claims Schantz. This will help in cutting down some huge expenses that you might have to pay and you can live rent-free for life. It is also easier to pay off the mortgage debt when you are working rather than when you are retired.
In a Nutshell
The best thing about meeting your saving goals for retirement is that you need not make any significant changes. All you have to do is start earlier and you will get there very comfortably, says William Schantz. You can make some small changes such as:
Paying your mortgage earlier
Discussing everything in detail with your partner
Setting a budget
Saving some more each month, etc.
If you are still unable to figure out where to start, you can contact a retirement planning expert and get proper guidance too. Good Luck!