Got off to a slow start on planning for retirement? Hillel Katzeff, CFP® will get you on “The Fast Track to Retirement,” covering 5 key points: educate yourself, prioritize yourself, create a plan, keep more of what you make, and finally and most importantly, take action!
FREE GUIDE | Tips to Fast Track Your Retirement
We want to empower you to fast-track your retirement regardless of how much your account balance is today.
First, educate yourself.
Read this newsletter, then watch the Your Money Your Wealth 24-minute video with the subject: Fast Track your Retirement After 40. Joe Anderson and “Big” Al Clopine really get to the core of the education part. This will help you get some of the “how” to catch up on your retirement planning. It’s definitely worth your time. Watch now:
Second, prioritize yourself.
Possibly the reason that you are off to a slow start is maybe because you are taking care of paying your bills, taking care of your kids and everything else that life is throwing your way. My suggestion is to take care of yourself first! What I mean by that is when you are paying your bills, pay yourself first. Make yourself the priority. So, for example, if you have a 401k plan at work, you can take advantage of your employer’s 401(k) contribution match if they offer it. Part of your plan should include putting the maximum amount of money allowed into your retirement accounts as well as the catch-up contributions if like me you are over 50.
Third, write it down.
A plan is nothing more than writing down a goal for the future. Now you can dream all you want, but that’s not a plan. So, for example set a per pay period savings goal. It could be $50, $500, or more. Obviously if you want to fast track your retirement, you need to start putting more away. Once you have a specific goal in mind, then you can put a plan in place. Just by writing it down, you dramatically increase the odds of reaching your goal. So, when you are paying your bills, write down: contribute $50 per pay period into my 401k plan – or whatever amount you can contribute.
But, simply writing it down is not enough.
Fourth: Take Action!
So, if you have decided to educate and prioritize yourself, and you have written down your goal of putting away $50 per pay period into your 401k, you need to contact Human Resources at work to instruct them to direct the $50 per pay period to your investment accounts in your 401k plan. Without taking action nothing happens.
And finally, keeping more of what you make is easier than generating additional income.
You can earn more money just by delaying claiming your Social Security benefits and by not raiding your retirement accounts. The opportunity income from your investments outweighs the short-term financial benefit of remodeling your home, taking an expensive vacation, or paying for your children’s education. The best gift you can give to yourself and your family is financial independence throughout your life.
So, in summary; Educate Yourself, Prioritize Yourself, Write it down, and finally and most importantly, Take Action! Then you’ll be on the Fast Track to Retirement.
• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor.
• Pure Financial Advisors LLC does not offer tax or legal advice. Consult with your tax advisor or attorney regarding specific situations.
• Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.
• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
CFP® – The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation.