New York, NY (PRWEB) June 30, 2013
Grey Wing Financial discussed methods for retirement preparation following the Daily Finance’s June 30th article, “3 Retirement Strategies to Employ Before You Hit 40”, highlighting preventative measures designed to ensure a healthy and comfortable retirement. Grey Wing Financial’s retirement advice expounds upon the aforementioned strategies, placing greater emphasis on modest living to capitalize on raising retirement funds.
Daily Finance released an article, written by Nicole Seghetti, offering three strategies to those beginning to look into retirement options, but have not yet engaged in retirement planning. The article focuses on debt-elimination; advising readers to make a priority of eliminating all outstanding debt (including student loans and credit card debt), in order to focus one’s cash flow on retirement savings. Alongside debt elimination is the need to prioritize financial decisions, constantly keeping retirement planning and saving in mind. As planning progresses, the goal is to have twice one’s current yearly salary saved by the age of forty. With this number in mind, the final step is to maximize all contributions to retirement savings. Whether this requires adding an additional means of income or trimming current spending, it is advised to live with the future in mind.
Grey Wing Financial supports Seghetti’s strategies regarding early retirement planning. Though debt elimination may not always come to the forefront of one’s mind when preparing for retirement, cutting living costs by eliminating debt is a logical means of ensuring low living costs after retirement. As one plans for retirement, prioritizing spending and budgeting both for current and future needs is pivotal. Tackling and eradicating debt allows a future retiree to put more money toward retirement savings.
Seghetti advises having twice one’s current salary in retirement savings by age forty. This is an admirable goal, and is certainly recommended; however, for some, this goal is unrealistic. Instead, one should focus diverting a steady stream of income toward retirement. If few funds exist to put toward retirement, cutting current costs may prove wise in the long run, in addition to finding new sources of income, such as a second job or small side job. Additionally, family vacations may be downsized, and recreational spending may be curbed. Living modestly now can assist in ensuring a decent living after retirement.
One aspect of retirement planning that is not highlighted in Seghetti’s article is planning for the potential retirement expenses such as medical costs, senior life insurance, and both medical and non-medical emergencies. Constructing a budget with all hypothetical needs in mind is an important aspect of retirement planning, and should be kept in mind as one decides which funds to devote to retirement.
Daily Finance writer Nicole Seghetti composes articles focused on financial planning for vast age spectrums, from those preparing to marry, to the elderly preparing for retirement. She is a prolific contributor to Daily Finance, as well as a guest writer for The Motley Fool, an online investment site.
Grey Wing Financial supports the Daily Finance’s article which offers 3 methods for effective retirement saving. The first method to successfully plan one’s retirement is to eradicate all current debt, preventing credit card, student loan, or auto debt from leaching money from retirement funds. The second is to construct a plan to have a minimum of twice one’s current salary in retirement savings by age 40, and the final strategy is diverting as much extra money as possible toward retirement. In conjunction with the additional strategy of building a budget around unforeseen expenses, Grey Wing Financial provides those looking to retire with a solid, simple plan to begin retirement saving.
About Grey Wing Financial:
GreyWingFinancial.com is a website specializing in retirement planning and advice for both current and future retirees.