How to Save for Retirement

Practical Money Saving Tips

how to save for retirement

Are you wondering how to save for retirement while you homeschool?

You need a little discipline on your part, but it can be done!

If you have ideas of your own, please share.

How to Save for Retirement

  • First calculate how much you will need for retirement: bills, mortgage (if not payed off) or rent, home taxes, insurance, prescriptions, groceries, home improvements, emergencies, clothes, spending money, and gifts! (Even though you shouldn't be over spending, just think of all those grand-kids you will want to buy things for!) Most people spend 15-25 years in retirement.

  • Save as much as you can, as early as you can. It's never too late to start saving. But, it's never to early, either. The sooner you start saving the more interest you will earn.

  • Look into getting a 401 K even if you have a different retirement plan. You don't have to put very much money in it and it will help wonders. You can even get one if you aren't employed. When you're a stay-at-home homeschool mom, it can be scary to think about retirement. Especially for those who will not receive social security. 401 K are tax deductible. But, make sure you invest your 401 K in stocks so it can grow larger. Talk to a 401 K provider for more information.

  • Put money in a CD or savings bond to earn interest. Try to wait to cash it until the time of retirement.

  • Develop a portfolio. This is an investment plan where a portion of your savings should be put into stocks, another portion into bonds, another into commodities, and another into cash. It reduces the risk and maximizes the returns.

  • If you start saving in your 20's you should be saving at least 15 percent of your income, 30's you should save 20-25 percent, 40's you should save 30-35 percent, and in your 50's, if possible, you should try to save at least 35-40 percent of your income.

  • Consider a part-time job, even if you or your spouse retires from your full-time job. Depending on your age and health think about a job that is easy on you. My grandfather-in-law worked part time for about 10 years after he retired at a car dealership. He would drive people where they needed to go when they were getting work done on their car. Any extra income coming in helps!

  • Avoid unnecessary spending. The more money you can save the better. Before you buy something ask yourself if you really want or need it. If you're planning a vacation, you'll want to check out these money saving travel tips. If you can go without it, save the money you would have spent.

  • If you're renting, think about moving into a lower income residence made just for elderly when it comes time to retiring.

  • When you retire, ask for all the help you can get from family members. Whether it's mowing your lawn, or driving you to the doctor. If they are willing, it's a good way to save money on cabs and lawn service. Most kids would love to mow your lawn for a few cookies. :)

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