Summary of Budgeting for Retirement
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Summary of Budgeting for Retirement
A sound budget is key to successfully saving for retirement. Becoming aware of your expenses, keeping them in line with your income, and paying yourself first will help you build that nest egg for your later years. Once you have started budgeting, you are on your way to achieving your retirement potential.
If you use an automatic savings plan, you can save yourself a lot of time and effort. This will help you "pay yourself first" and help address worries about not saving enough for retirement.
Practical Ideas I Can Start with Today
- Track all my expenses for a month to see where I can cut costs.
- Calculate how much I will need to save for retirement. Use this calculator.
- Pay myself first by withholding a chosen amount from each paycheck and putting it into savings. Start with an emergency fund. Use this calculator.
- Set up an automatic savings plan(s) at my financial institution. Use this calculator.
What you have learned
- How Small Changes Can Add Up to Big Savings
- How Retirement Plans Help You Save on Taxes
- Paying Yourself First Can Make a Big Impact
- Building a Budget