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How Can I Retire with Enough Money to be Comfortable?

How Can I Retire with Enough Money to be Comfortable?

It’s not uncommon today to hear that you will need at least $1 million saved to live a comfortable life during retirement.  Yet, the average individual of retirement age has only slightly about $200,000 in their 401k account. With numbers and facts like these, it is easy to understand why many younger individuals panic when they think about cutting the cord on their career and settling into a more relaxed lifestyle.

If you happen to be concerned about your future and the amount o the funds you have saved for your retirement, you’re not alone. To help you out, here are a few tips.

Start Saving Early

Perhaps the ship has already sailed for you on saving for retirement at an early age. If it hasn’t however, you should know that there is no better time to start than now. The younger you begin investing the longer your money has to mature and acquire interest.

Always Take Advantage of the Employer Match

A company that matches your retirement savings is hard to find these days. Therefore, if your company is willing to invest in your future, you should be smart enough to take advantage of it.  That means, if your company is willing to match your investments up to 3%, then you should always invest at least 3% of your salary to get the most out of your benefits.

Consider Diverse Financial Solutions

By simply putting money into your investments or savings accounts you may never reach the $1 million savings goal. It is important to know, however, that there are other financial solutions that can help you live comfortably during retirement. Some of the most popular alternative financial solutions include annuities and reverse mortgages.

Talk to a Financial Advisor

If you are feeling amiss about your financial goals for retirement, it’s never too late to talk to someone.  And, if you don’t have a financial advisor or trusted expert the best time to find one is now. To start setting your financial goals you can trust the professionals at Reverse Mortgage Answers. They always have your best interest in mind!