Planning to retire within the next 10 years? Taking these actions now could help bolster your portfolio as you approach your planned retirement date. After decades of working and saving, you can finally see retirement on the horizon. But now isn’t the time to coast. If you plan to retire within the next 10 years or so, consider taking these steps today to help in your efforts toward having what you need to enjoy a comfortable retirement lifestyle.
From paying down debts to making easy lifestyle changes, these simple tips can help you meet your savings goals. We all want to save money. But, as everyone knows, it can often be difficult to do so. “Many people have sizeable goals for building up their savings, but unrealistic goals are nearly impossible to put into practice,” says Joye Hehn, Next Step Financial Education Manager at Regions Bank. “That’s why it’s important to think about realistic ways to save, break it down into smaller actionable steps, and make it a part of your ongoing budgeting and spending plans.
Investing money in the stock market is one of the main ways to build wealth and save for long-term goals such as retirement. But figuring out the best strategy to invest that money can feel daunting. That doesn’t need to be the case, though — there are several straightforward, beginner-friendly ways to invest.
Are you a saver or spender? If you went with the former, then you’re in the majority. According to a 2019 Charles Schwab survey, around 59% of Americans said they considered themselves savers. Compare that to more recent findings, however, and you’ll see that 63% of respondents in a similar demographic are currently living paycheck to paycheck. Clearly, there’s a disconnect between the financial goals we are setting and the steps we are taking to realize them.
Financial planning is the process of taking a comprehensive look at your financial situation and building a specific financial plan to reach your goals. As a result, financial planning often delves into multiple areas of finance, including investing, taxes, savings, retirement, your estate, insurance and more. As you might expect, a financial planner typically offers financial planning services, though financial advisors often double as planners themselves.
Tax laws can be complicated, and tax software doesn’t necessarily make them less so. Fortunately, some fundamental rules and principles can help you understand what taxes are all about and the rules associated with them, from the types of taxes you must pay to being able to exempt certain income from taxation. Key Takeaways The federal income tax is progressive, meaning your tax rate goes up as your income goes up.
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