7 Financial Tips to Live the Retirement You ’ve Always Dreamed

There are many memorable financial milestones one achieves throughout their life—from opening up your first bank account to closing the deal on your first mortgage—all of these exciting stepping stones eventually lead to the pearly gates of your long-awaited retirement.  After decades of hard work and grinding, there’s no sweeter thought than being able to sit back, relax, and enjoy life to the fullest. But before you’re truly able to enjoy your waterfront sunsets and empty-scheduled days as a new retiree, you need to make sure your finances are perfectly aligned to allow you to live the retirement you’ve always dreamed of. Whether you’re nearing retirement or you’re currently living it, there are a number of ways you can set yourself up for success for years to come. We’re here to give you the lowdown on the tips you should know about. Tip #1: Capitalize on your employer’s 401(k) A 401(k) is a retirement plan offered by employers to assist employees in saving for retirement. The contributions that are made to a 401(k) are tax-deferred, meaning the money is directly transferred from your paycheck before any income taxes are assessed. For those under 50 years old, 401(k)s allow you to contribute up to $17,500 a year. For those over the age of 50, you can contribute up to $23,000. It’s important to note that this tip only applies to those who are still working and are employed by a company that offers a 401(k). 401(k)s usually only apply to w...
Source: PickTheBrain | Motivation and Self Improvement - Category: Consumer Health News Authors: Tags: featured money and finance self-improvement retirement saving self improvement Source Type: blogs