3 things you can do RIGHT NOW to save for retirement

You’ve heard it before:  it’s never too early to plan for retirement.

But the truth is, people spend more time planning vacations than they do planning for a successful retirement. To help ensure you are able to afford the lifestyle you’ve worked so hard for, here are three things you can do right now:

Decide what you want retirement to “look” like and create a plan. Start by researching how much money you’ll need in retirement. There are several websites that can help, such as www.calcxml.com or www.bankrate.com. Then, enlist the services of a financial advisor to help you create a manageable plan you can live with.

Keep good records. The majority of American taxpayers claim standard deductions each year, but you might be surprised at how much itemizing can save you. Keep your receipts and any other paperwork that highlight tax-deductible expenses, such as charitable donations, work-related travel, etc. Take good notes regarding these expenses so you don’t have to scramble come tax time. Then, set up simple files for the major expense categories of your life and stay organized.

Manage your debt. Once you figure out how much you need to save toward retirement, be fiscally responsible – particularly toward discretionary spending. Are you spending more than you’re earning? Can you refinance your mortgage or pay it off early? Are you making just the minimum payments on high-interest debt, like credit cards? Ideally, you want to be below 35 percent (or less) debt-to-income ratio.

Start with these practices and before you know it, you’ll be well on your way to a long and happy retirement. Call 1-877-300-3454 to speak to one of our financial advisors.