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Whether retirement is a distant thought or a life event that has been encroaching nearer with every passing year, planning for it falls independently on your shoulders. You are in control of your spending habits and, therefore, you are also in control of your saving patterns.

The earlier that you start saving for retirement, the better, but know this: it is never too late to attempt to maximize your savings. There are plenty of resources available to you that are set in place to help you secure a more financially stable life post-employment. But for every year you wait to contribute to your retirement savings, you risk missing out on additional funds that could be crucial in supporting this new lifestyle.

Plan for your financial future by taking control of your income, spending habits, and saving patterns now so that you can be more secure in your retirement years:

How can you impact your income?

Job duration and, similarly, job security have never been so uncertain as they are in today’s economy. The first is often by choice, with the latter being more unpredictable.

After graduation, most college students are no longer looking for the company they will work for until they retire. There is a lot more job-hopping now than ever before, whether it is in search of a different role or a better salary. While this is not inherently bad, just be sure that you are constantly holding a job, even when you are looking. Be sure to consolidate your accounts along your career path so you don’t lose track of what you have already saved.

If you have already held a stable job for the majority of your working life, make sure that you are contributing as much of your income as possible into your 401(k) or IRA accounts. Here are some more detailed tips for saving for retirement later in life.

How can you impact your spending habits?

Keeping track of every penny you spend may not be the most constructive use of your time, but it’s important that you are aware of whether or not you are at least able to meet your retirement goals every month. If not, it may be time to create a budget to help you cut back in other areas so you can dedicate more to your retirement savings. If you are able to contribute even more than your goals, it will only help you to be more financially secure in the future.

How can you impact your saving patterns?

At an early age, the importance of saving your money becomes an ingrained habit. Even though retirement might be a long way away for you, you should still be actively saving now. The earlier you start saving, the less financial burden you will feel as a result, in both making payments and after you retire. Everyone’s financial situation is different, but the standard guidelines to follow should be: saving 10% of your income if you’re in your 20s, 15% if you are in your 30s, and 20-25% if you are in your 40s.

If you have any questions about how to practically plan and save for your own retirement, contact me today.

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