Retirement Planning – Top Tools to Help
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Planning for retirement is crucial for preserving your future quality of life. Whether you dream of sipping pina coladas on a tropical beach or simply want to ensure financial stability, future proof your life so you can live with less anxiety today!
Empower yourself to realize your aspirations and retain financial independence through prudent retirement planning. Begin your journey now with these five tools to kickstart your planning process:
1. Use a Budgeting App to keep track
Calculating how much money you’ll realistically need for retirement can be daunting. However, using the all-in-one Budgeting App YNAB will simplify and streamline your financial tracking process and get you well prepared for retirement.
YNAB can help you organize your monthly spending and help you create healthy financial habits to make you feel less stressed about where your money is going each month.
2. Use a Budgeting Calculator to Help you with Calculations
A really important consideration to include is accounting for inflation when estimating your future expenses. There’s no one-size-fits-all plan for determining how much money you’ll need in retirement.
After all, your retirement goals will depend on factors like your life expectancy, spending and saving habits, and lifestyle preferences. Notably, factor in potential healthcare expenses, encompassing premiums, deductibles, and long-term care expenses associated with aging.
Use a budgeting calculator like the one offered by Financer.com to help make these numbers easier to calculate. Designed for simplicity and ease of use, all you have to do is fill in the amounts, and the calculator takes care of the rest.
3. Open a High Interest Saving Account
The golden rule here is: the sooner, the better! Commencing your retirement planning journey at a young age or as soon as possible ensures ample time for your investments to grow and flourish.
And what better way to do that than by investing you money into a high interest savings account that grows your money for you.
High interest savings accounts, such as Barclays Online Savings offer higher interest rates and apply compound interest daily, meaning you can start off with less money to earn more over time (who doesn’t want that?).
With no additional charge, easy online access whenever you need it, Barclays US savings account is a risk-free and good way to grow your money while still having the security to use it whenever you need money.
Use Barclays Online Savings and make your money work for you.
4. Start Investing to Grow Your Money by Using this Investing App
Embarking on an investment journey is a sure way to make your money work for you and grow over time.
Robinhood is a great option for both new or seasoned investors. They offer completely free trading for stocks, options, and more, with no commissions, account minimums, or maintenance fees.
Plus, when you sign up using the provided link, Robinhood will add one free share of stock to your account upon approval of your brokerage application. The free stock could be from companies like Apple, Sprint, or Ford, with a value ranging from $5 to $200.
5. Choose the Right Retirement Accounts & Plans
Comparing 401(k) retirement plans will ensure that you chose the one best opted for your retirement needs and wants.
When you’re looking for the best 401(k) providers, you should consider all the factors that make it a good plan, like whether it’s stable and how it is funded.
Here at Financer.com our top picks for 401(k) Providers are:
- Best for low operating costs:
Charles Schwab - Best for low-cost fund options:
Vanguard - Best for consultant services:
Fidelity Investments
