Although the topic of retirement is touched or talked about a lot, many young people do not take it seriously. However, the day will come when they are somehow forced to save for it. The important thing is that if you now have the time, the money and above all you are at an age where you can build your retirement, you must start. Save time and be sure now to lead a quiet life for future retirement.
Saving for retirement
Regardless of which generation can be categorized, it is time to change bad financial habits, these three keys will guide you to start saving for retirement.
You must develop your ability to save
Investment is a very important part of growing our finances, but before that, saving is important. You must go step by step without stepping forward or skipping steps. The beginning of retirement savings is precisely to save. What you need is a source of income that allows you to raise the necessary money. This source comes from your salary. The problem begins when you are out of work, then you must look for the means.
Once you have an income to start your savings, you must have a goal, this savings must be three times the salary you receive. The savings you intend to make is also called a financial cushion, and must be in a savings account.
If you already know what your goal is, now you must have a strategy. How much money will you pay monthly? The recommended is between 10 and 15%. You should organize your budget so that at the end of the year that percentage of your annual salary saved will result.
Enter the world of investments
The first thing to think about when talking about investments is the stock market, this seems like something very complicated. Entering to invest in the stock market only requires that you are well informed and that you also invest in several sectors.
On the other hand, the stock market is not the only place where you can invest your money, there are a large number of options to invest. Not forgetting that this money that you intend to multiply is intended for retirement. The recommended is something simple like starting with a portfolio of indexed funds, these will replicate your actions and it will be enough.
Regardless of which option to invest you choose, you should look for a long-term growth of your money with which to build your financial cushion.
It is good to start our savings and our own financial mattress, but it does not hurt to go with professionals. Many companies offer retirement savings advice, and you can find a plan that fits your needs. But before taking the step, investigate whether they are reputable and reputable companies, and compare options. Not all will adapt to your needs.
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