top of page
Search

Retirement Savings Strategies for a Secure Financial Future

Planning for retirement is crucial in ensuring a secure financial future. Whether you are just starting your career or are approaching retirement age, having a solid retirement savings strategy in place is key to achieving your financial goals. At Secure Future Financial Coaching, we understand the importance of preparing for the future, which is why we have put together some essential strategies to help you secure your retirement savings.

ree

  1. Start Early: One of the most effective ways to build a substantial retirement fund is to start saving early. The power of compound interest means that the earlier you start saving, the more time your money has to grow. Even small contributions made consistently over time can add up significantly.

  2. Set Clear Goals: To create an effective retirement savings plan, it is essential to establish clear and realistic goals. Consider factors such as your desired retirement age, lifestyle expectations, and potential healthcare costs. Having specific goals in mind will help you determine how much you need to save and what steps are necessary to reach your target amount.

  3. Take Advantage of Retirement Accounts: Utilize tax-advantaged retirement accounts such as 401(k) or Individual Retirement Accounts (IRAs). These accounts offer tax benefits that can help you maximize your savings potential. Additionally, some employers may offer matching contributions to your 401(k), which is essentially free money towards your retirement fund.

  4. Diversify Your Investments: Building a diverse investment portfolio can help spread risk and potentially increase returns. Consider investing in a mix of stocks, bonds, and other assets based on your risk tolerance and retirement timeline. Be sure to regularly review and adjust your portfolio to ensure it aligns with your goals.

  5. Monitor and Adjust: Regularly monitor your retirement savings progress and make adjustments as needed. Life changes, such as marriage, starting a family, or changing careers, can impact your financial situation and retirement goals. Stay proactive and make changes to your savings strategy accordingly. By implementing these retirement savings strategies, you can take control of your financial future and work towards a secure retirement. At Secure Future Financial Coaching, we are committed to helping individuals like you achieve their financial goals and build a solid foundation for retirement. Contact us today to learn more about our coaching services and start planning for a secure financial future.

 
 
 

Comments

Are you “afraid” of online banking?

 

Have you heard the phrase “your too busy bending over picking up pennies and your letting the dollars fly over your head”? 

I’ve had several conversations recently regarding earnings on savings and how to earn more interest. When I explain about the benefits of online banking there seems to be a sudden fear and understandably so if you are used to your local bank with trusted tellers to do your banking verses a computer, internet and no smiling face there might not be that same level of trust.

 

So how do you know if an online bank is legit? Make sure before you create any account or transfer money that the online bank is FDIC insured. They will have this on their website but you can also check them out on FDIC’s online database, BankFind. This database includes both digital only and traditional brick and mortar banks. Also, don’t click on any links in an advertisement whether its Facebook or a pop up on your computer. If you see an advertisement or want to check out a bank put their name in your browser and go to their website directly.

 

What do online banks offer that my local bank doesn’t? Higher interest rates for one. A high yield savings account online currently at this time of writing is at about a true 3.8%. For example, if you deposit $10,000 your yearly interest rate of return will be about $380 

(10,000 x .038). However a local bank may advertise they offer a 3% rate of return on savings accounts however its actually .003% (10,000 x .003=$30 per year). For an extra $350 a year I would want to learn more about online banking.

 

Other benefits of online banking are the lower fees (if any fees) and the 24/7 convenience.

 

Are there any drawbacks to online banking? Since banking is digital it can take a few days for the transfers to go through - 5 to 7 business days. Its not an issue if you plan for it, always have a buffer in your primary account for unexpected expenses and that can hold you over until that money arrives in your account. Larger expense emergencies rarely need to be paid for  in full up front. 

 

Certificates of Deposit are offered by both local and online banks. Rate of return have been competitive between both. The down side of CD’s is usually that your money is locked up for that period of time you commit to with a penalty for early withdrawal. However, they are trying to change that. Some now if the Fed interest rate goes lower than your CD you can sell it and not get a penalty, actually you can make money in this case. And I also saw one with an over 4% interest rate that was flexible; if you close it out any time after 7 days from opening it you will not get a penalty.

 

As a Ramsey Preferred Coach you know I am going to say to put your 3-6 month emergency fund in a high yield savings account, once debt free max out your 401k, and if there is anything left and you want to invest please contact your financial advisor to discuss your risk tolerance, needs and wants so they can help you build a secure future that you choose.

 

Proverbs 13:11; “Wealth gained hastily will dwindle, but whoever gathers little by little will increase it.”

 

Respectfully Yours,

Coach Jacine 

NY-12, Port Leyden, NY, USA

  • Link
  • Facebook
  • Instagram
bottom of page