Tips for a Happy Retirement

1
Tips for a Happy Retirement

• Find here the Best retirement planning advice
  from financially empowered individuals. Get
  financial planning tips on saving for retirement.

2
A Faraway Concept Called Retirement

• Youve probably thought to yourself in a not
  too distant past, of how young you were and that
  you didnt have to worry about, save or plan for
  retirement. So how is that working out for
  you?Just as the days fly by, years and decades
  fly by just as fast and before you know it,
  youre wallowing in a sea of regret of why you
  didnt start saving for retirement sooner. 

3
Some of the most important concepts to understand
and apply, when it comes to retirement planning.

• Multiply by 25 Rule  This rule is a tool to give
  you an idea of how much to save up depending on
  how much you need for annual spending during your
  retirement years. 
• Employer 401K Match  If you work for an employer
  that offers a 401K Match, always take advantage
  of it. If your employer will match up to 3, then
  you must first contribute at least 3 of your
  income in order to benefit from your employers
  contribution.
• Roth IRA  Contributions to Roth IRA are not tax
  deductible. However, any interest, dividends or
  distributions earned are tax free, as long as
  nothing is withdrawn before the age of 59 ½ at
  which time it may be taxed at the federal and
  state level, as well as an early withdrawal
  penalty assessed by the IRS. 
•  

4
Some of the most important concepts to understand
and apply, when it comes to retirement planning.

• Traditional IRA  Traditional IRA accounts are
  usually tax deductible, but whether or not it is,
  depends on whether you have an employer sponsored
  401K as well as how much your adjusted gross
  income is for the that particular year.
• Compound Interest  Compound interest occurs when
  interest is initially added to the principal, and
  any future interest is then earned on principal
  and any previously accumulated interest. 
• Pay off all debts and credit cards  The correct
  way to use credit cards is to pay off the entire
  balance at the end of the month. Of course, there
  might be emergency situations where you may not
  be able to, but try to pay it off as early as
  possible. 

5
Some of the most important concepts to understand
and apply, when it comes to retirement planning.

• Rule of 72  You may have heard of this term, but
  just in case youre not familiar with it, it is a
  way to determine what length of time it will take
  your investment to double depending on the rate
  of return. 
• Reduce Spending  This advice may sound a bit
  redundant but I cannot emphasize how important it
  is, as our monthly income is usually limited and
  the only way to increase your savings is to
  decrease your spending.

6
Millennial Money Minute
Thank you for reading this, each Millennial Money
Minute reader is appreciated so much here! Your
feedback means a lot, so comment below with all
your thoughts. Looking forward to hearing from
you.
https//www.facebook.com/millennialmoneyminute/
https//twitter.com/millmoneyminute
https//www.instagram.com/millennialmoneyminute/
https//www.pinterest.com/millennialmoneyminute/
Happy Retirement!