Since the economic crisis of 2008, retirement has been almost like a “dirty word” for many people in the United States because they lost their retirement incomes with the last economic crash.
Even though retirement may be far off in the future for you, or you may have lost a significant chunk of your retirement income following the economic collapse, the reality is that it’s never too late, or too early, to start planning for retirement.
In this article, I’ll share with you some of the top tips that most economic advisors in the United States recommend that you follow in order to get ready for retirement.
Tip #1 – Start Saving Now
The first thing that you must do in order to start planning for retirement is to start saving money now.
Saving money is vital because, it’s the only way that you’re going to have the money that you need in retirement rather than having to continue living paycheck-to-paycheck, waiting for your next investment dividend to come in.
How much money should you be saving for retirement? The answer to this question literally depends upon your age. If you are in your 20’s or 30’s, it’s recommended that you save as much money as possible for retirement, even as much as 20% of your monthly income.
Once you start growing older and reach your 40’s or 50’s, it’s recommended that you still continue to say that at least 10% of your home monthly income for retirement because every penny counts.
Tip #2 – Start An IRA
If you don’t currently have an IRA, or any individual retirement account set up, another important thing that you want to do is create a retirement account immediately then set up automatic transfers from your primary account on a monthly basis.
Having automatic transfers from your primary account to your retirement account is a smart thing to do because it’ll eliminate you having to actually think about the money that you have to save or transfer to your retirement account on a monthly basis because the actual work of making that transfer will be out of your hands.
#3 – Invest In Rental Properties
Last of all, but most important, another excellent way to start getting ready for retirement is to invest in rental properties. By rental properties, I ideally mean residential rental properties like a single-family home, condo, town home or an apartment building that you can rent to tenants on a monthly basis.
Besides residential rental properties, another smart thing to do is to consider investing in mobile homes or even commercial self-storage facilities because there are plenty of rental property opportunities available in this day and age that you can invest in for very little money down.
Learn more tips for saving money for retirement, or to search for properties for sale in Austin Texas area, contact me today by calling (512) 944-7378 or click here to connect me online.