RETIREMENT PLANNING: IT'S NOT JUST ABOUT THE MONEY

Retirement may seem like a far-off goal for millennials, but it’s never too early to start planning for the future. Here are 10 things to consider when planning for retirement:

1.     Start early: The earlier you start saving for retirement, the more time your money has to grow. Even small contributions made early on can make a big difference over time.

2.     Set clear goals: Determine how much you will need to save for retirement and how much you will need to live on in retirement. This will help you determine how much you need to save each month.

3.     Create a budget: Creating and sticking to a budget is key to saving for retirement. It will help you keep track of your expenses and identify areas where you can cut back to save more.

4.     Maximize your 401(k): If your employer offers a 401(k) plan, be sure to take advantage of it. Do your best to contribute at least enough to get your employer matching contributions.

5.     Consider a Roth IRA: A Roth IRA allows you to contribute after-tax dollars, so your withdrawals in retirement are tax-free.

6.     Diversify your investments: Don’t put all your eggs in one basket. Diversify your investments to reduce risk and maximize returns.

7.     Pay off debt: Paying off high-interest debt should be a priority before you start saving for retirement. High-interest debt can eat away at your savings and make it harder to achieve your retirement goals.

8.     Prepare for unexpected expenses: Set aside an emergency fund to cover unexpected expenses. This will help you avoid dipping into your retirement savings.

9.     Consider working longer: Working longer can help you save more for retirement and delay the need to tap into your savings.

10. Seek professional advice: A financial advisor can help you create a retirement plan that is tailored to your individual needs and goals.

Remember, planning for retirement is a marathon, not a sprint. It takes time and effort, but the sooner you start, the better off you will be. By considering these 10 factors, you can lay a solid foundation for a comfortable retirement.