The Modern Ways of Saving for Retirement

How to Save For Retirement

Many work from home moms or moms with a business don’t think about their retirement which can cost you dearly.

There will come a time when you grow too old to be able to work, or the world of work grows too young to accommodate you any longer. This may seem like a silly notion considering your own current young age, but it’s true.

One day, whether it be 30, 40 or even 50 years from now, you won’t be able to work.

This could be because you, yourself are unable to work any longer, it could be because you have to devote all of your time caring for yourself or a loved one or your line of work just might disappear from the world entirely.

Whatever the reason may be, you must prepare for this time — you must prepare by saving for your retirement. And, because of retirement and saving is always changing, you must be saving for retirement in as modern way as possible to ensure you’re getting everything you can out of doing so.

To see some of these modern retirement techniques, make sure to read on.

Image source

Use The Internet

As obvious as it sounds, the internet is a great place to start. There is so much information out there for free about retirement.

Although it is still a good and recommend idea to get a professional retirement financial planner on your side in real life because of the knowledge they will bring to your table, they can cost a pretty penny.

But, you know what doesn’t cost a pretty penny? The Internet, that’s what.

And, you can wield the Internet as a retirement planning tool, if you use it correctly. If, for instance, you join online financial groups and forums you will be able to discuss the topic of retirement saving with other likeminded people who are in the same boat as you; you can then use the knowledge you get from them to put some sort of retirement plan in place for yourself.

What’s more, you will be able to all of this in real time. Look up the FIRE (Financial Independence Retire Early) movement for lots of information and like-minded people.

But you can do more on the Internet than just join online groups and forums to discuss the topic of retirement saving.

You can now manage and fund your individual retirement account (IRA) completely online, too. Doing it online anytime means you can make the most of your retirement planning and investments.

Enjoy Life, With a Plan

The most modern concept of retirement saving that practiced by Millennials the world over is to forgo saving and travel the world instead.

In the past, this has been seen as a big no-no. In fact, many older generations still deem it to be a big no no.

But, it can be right for you if you were to do it because, at the end of the day, you only get one life. Yes, it’s important to save and plan for retirement, and if you take the Internet-based advice above you should be able to do it well and comfortably.

What’s the point in saving all your money and dreams until a time when your body might not allow you to use it and chase them respectively?

Modern-day retirement planning and saving consists of using the tools of today, such as the Internet, as a saving weapon. It also consists of remembering to not save every penny you earn, as well.

Take a paid or unpaid sabbatical from your job if you have one. Or find ways to outsource aspects of your business so you can enjoy more free time.

By taking a sabbatical, you will have a job when you return. If outsourcing your business, you create more free time and it is more sustainable long term.

Automate It

If you know when you want to retire and have a plan in place, automate it. Set up the transfers, know what you are entitled to and if there are any matching programs with your work to maximize your retirement.

Set it and let it grow. It takes time but by automating it, you know it is happening and you don’t have to do anything about. Keep an eye on it but let it do it’s thing.

Learn as Much as You Can

There is so much information out there now, you might not know where to start. Learn as much as you can from trusted sources.

Think about people you admire or who are in good financial positions and ask their advice. Read modern financial sites, listen to podcasts (e.g. ChooseFI is a great one about retiring early) and work out what you want to do.

Gone are the days when we retire at an old age and potter around the garden or leave travel until we are too old.

These days, with smart planning, you can live a full life how you want, retire younger and be financially comfortable.

How are you planning for retirement?

Leave a Reply

Your email address will not be published. Required fields are marked *

CommentLuv badge

This site uses Akismet to reduce spam. Learn how your comment data is processed.