• Marc Primo

Retirement Shouldn’t Be Hard If You Plan Now

Updated: Apr 3, 2020

The following is an article “Retirement Shouldn’t Be Hard If You Plan Now” by Marc Primo.


Retirement is an essential subject for anyone wanting to secure a bright future. However, many individuals are mistaken about the term ‘retirement’ being tantamount to monetary value than just age. Once you learn how to plan for your savings and reach your financial goals, the sooner you can call it quits at the office and enjoy retirement.

Starting early is always a good idea when gearing up for a savings plan. However, developing the self-control to adhere to financial discipline and knowing when to exercise frugality is always easier said than done.

Following these practical steps can help ensure your security when you’re in your sixties, or even earlier.


Compute. Planning your retirement doesn’t mean stashing away your spare change and doing nothing else. You first have to determine how much money you need by the time you retire. Ask yourself at what age you’d want to quit work, then compute the rate of return for your investments. Making regular deposits in mutual funds is one way to accumulate your retirement savings. Find out how much you’ll need every year to cover your expenses upon retirement and cross check it against projected inflation rates. After determining the necessary figures, only then can you compute your projected retirement savings.


Limit debt. When saving up for your retirement, it is important that you learn how to stop accumulating debt. Live below your means if you have to, and recycle profits by re-selling items you no longer need or use. Make smart decisions when it comes to money because to many, debt is quite inevitable. Just make sure that you are able to manage your loans in a way that you don’t take a slice off your retirement savings or your other budget buckets for utilities or emergency funds. Refrain from using credit cards that give you false purchasing power.


Work hard. If you embark on a feasible savings plan, you should learn to work hard and push your career forward. Aim to grow income rather than debt so that saving up for retirement becomes easier later on. Some ways you can manage your career include connecting with the proper networks, aspiring for promotions, and continuing to develop skills. Marketing yourself properly and moving up the career ladder will give you more income opportunities that will allow you to create more profitable investments.


Look for Extra Income. Sometimes, one job may not be enough to cover all your expenses. Without extra cash to put into your savings account, you might want to consider looking for an extra source of income while able. Sixty-five percent of self-made millionaires actually acquire an average of three jobs. Having extra sources of income will give you more control on how you divide your pay and place an ample amount for your savings and investments. Spread your money across mutual funds so that you can remain secure in changing market conditions without jeopardizing your retirement savings.


Review your money annually. When you think your savings plan is in order, do an annual review of your numbers to refine your retirement income. By doing this, you might just discover more ways to grow your money further. Having ample savings will open up more opportunities for you, and will allow you to adjust your budget accordingly. Once your retirement money trumps your expenses, then you just might be ready to retire early and enjoy the fruits of your labor.