{"id":78732,"date":"2024-07-04T06:30:32","date_gmt":"2024-07-04T13:30:32","guid":{"rendered":"https:\/\/financer.com\/?page_id=78732"},"modified":"2024-07-04T06:38:58","modified_gmt":"2024-07-04T13:38:58","slug":"top-5-tips-tools-for-retirement-planning","status":"publish","type":"page","link":"https:\/\/financer.com\/top-5-tips-tools-for-retirement-planning\/","title":{"rendered":"Top 5 Tips & Tools for Retirement Planning"},"content":{"rendered":"
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Retirement Planning – Top Tools to Help<\/h1>\n

We receive compensation from the products and services mentioned in this story, but the opinions are the author\u2019s own. Compensation may impact where offers appear. We have not included all available products or offers. Learn more about how we make money and our\u00a0editorial policies<\/em>.<\/p>\n

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!<\/p>\n

Empower yourself to realize your aspirations and retain financial independence through prudent retirement planning. Begin your journey now with these five tools<\/em> to kickstart your planning process:<\/p>\n

1. Use a Budgeting App to keep track<\/strong><\/h2>\n

Calculating how much money you’ll realistically need for retirement can be daunting. However, using the\u00a0all-in-one Budgeting App YNAB<\/a>\u00a0will simplify and streamline your financial tracking process and get you well prepared for retirement.<\/p>\n

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.<\/p>\n

Use the app today!<\/a><\/p>\n

2. Use a Budgeting Calculator to Help you with Calculations\u00a0<\/strong><\/h2>\n

A really important consideration to include is accounting for inflation when estimating your future expenses. There\u2019s no one-size-fits-all plan for determining how much money you\u2019ll need in retirement.<\/p>\n

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.<\/p>\n

Use a budgeting calculator<\/a>\u00a0like 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.<\/p>\n

Use the Budgeting tool<\/a><\/p>\n

3. Open a High Interest Saving Account<\/strong><\/h2>\n

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.<\/p>\n

And what better way to do that than by investing you money into a high interest savings account that grows your money for you.<\/p>\n

High interest savings accounts, such as\u00a0Barclays Online Savings<\/a><\/em> offer higher interest rates and apply compound interest<\/a> daily, meaning you can start off with less money to earn more over time (who doesn\u2019t want that?).<\/p>\n

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.<\/p>\n

Use <\/em>Barclays Online Savings<\/a> and make your money work for you.<\/p>\n

4. Start Investing to Grow Your Money by Using this Investing App<\/strong><\/h2>\n

Embarking on an investment journey is a sure way to make your money work for you and grow over time.<\/p>\n

Robinhood<\/em>\u00a0is 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.<\/p>\n

Plus, when you sign up using the provided link, Robinhood will add\u00a0one free share of stock<\/em>\u00a0to 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.<\/p>\n

Sign up for Robinhood now<\/em><\/a><\/p>\n

5. Choose the Right Retirement Accounts & Plans<\/strong><\/h2>\n

Comparing 401(k) retirement plans will ensure that you chose the one best opted for your retirement needs and wants.<\/p>\n

When you’re looking for the\u00a0best 401(k) providers<\/strong>, you should consider all the factors that make it a good plan, like whether it’s stable and how it is funded.<\/p>\n

Here at Financer.com our top picks for 401(k) Providers are:<\/p>\n