Ask any retirement planning professional for their top piece of advice, and you\u2019re likely to hear a familiar refrain: You should be saving more money. That\u2019s certainly true\u2014the more and the earlier you save, the better off you\u2019ll be\u2014but it can also be easier said than done.<\/p>\n
You may be in a position where you\u2019re making a relatively limited income; you may have a house payment, student loans, credit card debts, and healthcare costs. You may also have a number of mouths to feed. You\u2019re able to get by and to chip away at your debt each month, which is truly something to applaud\u2014but you may find that you just don\u2019t have enough left over to save for retirement, at least not as much as you might like.<\/p>\n
You\u2019re not alone. Saving for retirement can be tough, and the various financial obligations we all face can make proper retirement planning seem like a pipe dream. The good news is that even those who can\u2019t save as much as they\u2019d like can still enjoy secure retirements\u2014and here are a few tips to make that happen:<\/p>\n
The most important thing is likely going to be maximizing your Social Security. Say what you will about Social Security: It comes with a government guarantee, and it\u2019s protected against inflation. While you can\u2019t depend on it to provide for all your retirement needs, you can certainly utilize it to augment your other savings\u2014and you should. Get the most out of it, though, by not withdrawing until you reach full retirement age; meeting with a financial planner can help you determine what that age is, for you.<\/p>\n
Also consider delaying your retirement until age 66 or 67, filing for Social Security, and suspending the payments until a later date; your spouse can still get spousal benefits, and you\u2019ll still be able to maximize those benefits.<\/p>\n
Another thing to consider: Putting the majority of your disposable income toward paying off debts is not such a bad thing, and it\u2019s certainly not impeding your retirement planning. Entering retirement debt-free is one of the most important things you can do, from a planning perspective\u2014so don\u2019t think of those debt payments as depleting your retirement fund. They\u2019re actually helping it, in a way.<\/p>\n
Alternatively, consider downsizing\u2014sooner rather than later. We recognize that this might belong in the \u201ceasier said than done\u201d file, but if you have a small family and could be just as happy in a more affordable home, why not make your downsize now, rather than during your retirement?<\/p>\n
Finally, we\u2019ll add that, with compound interest and a savvy savings portfolio, you can do a lot with even a modest amount of savings. The key is to invest in the best, most dedicated retirement planning. Contact the Stonepath Wealth Management team today to learn more.<\/p>\n","protected":false},"excerpt":{"rendered":"
Ask any retirement planning professional for their top piece of advice, and you\u2019re likely to hear a familiar refrain: You should be saving more money. That\u2019s certainly true\u2014the more and the earlier you save, the better off you\u2019ll be\u2014but it can also be easier said than done. You may be in a position where you\u2019re […]<\/p>\n","protected":false},"author":2,"featured_media":557,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"post_statement":"","post_description":"","post_cta":"","post_button":"Read More","post_button_url":"","footnotes":"","compliance_id":"","post_disclaimer":""},"categories":[14],"tags":[15,33],"acf":[],"yoast_head":"\n