Starting to save now is crucial. When I’m old and grey I’d prefer to sit back and know that having a few less meals out to eat and few less fancy pairs of shoes over my life has given me a sturdy retirement savings.
New York, NY (PRWEB) July 03, 2013
GreyWingFinancial.com, retirement and financial advice site, discussed retirement strategies and how to go about beginning a retirement savings plan. This, coming in the wake of a Forbes article composed on June 10th, called “How to Start Saving for Retirement” is a useful tool for those who have not yet begun to save, and are looking into developing a nest egg. Forbes’ retirement advice is also aimed toward those who may be of a lower income level, though the advice may be altered to fit all economic backgrounds.
Forbes’ article begins by specifying that the advice therein was geared towards those of a lower economic scale, in addition to those who have not yet begun to save for retirement, instead relying upon a pension or social security. Forbes strongly discourages relying upon either of these, as neither is guaranteed to produce enough income, if any at all. Instead, the article touches upon the necessity of beginning to save immediately. Again, as the article is geared toward those who are not abounding in wealth, Forbes impresses upon the reader the importance of beginning to save, whether it is a mere 25 to 50 dollars per paycheck or more. Forbes goes on to discuss investment options, citing a 401(k) as a wise investment—particularly in the case of potential employer contributions. Forbes goes on to advise its readers to seek out larger banks to invest money through, as there is typically a lower risk of loss, pointing out that many larger banks have begun to cater to smaller, beginning savings accounts. Finally, Forbes closes with the urging to save, no matter how small or seemingly insignificant, as each contribution will allow one’s savings to grow and possibilities to expand.
GreyWingFinancial.com supports Forbes’ conclusion that, though it may be difficult and may seem insignificant, simply starting a retirement savings account is pivotal in preparing for the future. Starting out small is better than not starting at all, and once accruing some money for savings has occurred, investment opportunities increase. Though investing one’s savings is not mandatory, it may provide a means of seeing a return on retirement savings. As Forbes suggested, 401(k)s are often viable options for those who are not self-employed, and all other investment options may be discussed in greater detail, with solid advice through a bank or financial advisor.
Regardless of whether or not one decides to invest any or all savings, the key here is to begin to save, and develop a habit of setting some money aside for the future. GreyWingFinancial.com’s senior staff writer stated, “Starting to save now is crucial. When I’m old and grey I’d prefer to sit back and know that having a few less meals out to eat and few less fancy pairs of shoes over my life has given me a sturdy retirement savings. Having a comfortable amount in savings for the old grey years in life is like built-in life insurance for elderly people. Except this way you never have to call the insurance company. With enough money in the savings account you can just tap into your own bank account!”
Common potential needs people may have include auto insurance, health insurance, and homeowners insurance—all such decisions are entirely at the discretion of the future retiree. That being said, compiling a financial plan for both now and for retirement will assist in accurately and effectively saving for the future.
GreyWingFinancial.com responded to an article discussing how to start retirement savings, supporting its conclusion: no matter how small, beginning retirement savings is essential. Readers should not feel that a small start, such as 25 to 50 dollars per month, is in vain, as all savings have the potential to assist in providing a comfortable future. It is important to make saving a habit, rather than a sporadic venture, ensuring that what may seem a meager amount continues to grow, providing greater investment opportunities.
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