{"id":464,"date":"2018-06-28T05:35:35","date_gmt":"2018-06-28T05:35:35","guid":{"rendered":"http:\/\/www.development-work.com\/mydebt\/?p=464"},"modified":"2020-10-26T05:38:49","modified_gmt":"2020-10-26T05:38:49","slug":"6-steps-to-overcome-our-top-retirement-money-fear","status":"publish","type":"post","link":"https:\/\/www.mydebtacademy.com\/debt-management-plan\/6-steps-to-overcome-our-top-retirement-money-fear\/","title":{"rendered":"6 Steps to Overcome Our Top Retirement Money Fear"},"content":{"rendered":"

The idea of having no money or running out of it in retirement is a major cause of keeping a plethora of people wide awake at night. According to a study by the AICPA, it\u2019s recognized as the No. 1 concern among clients of CPA financial planners.<\/p>\n

Over half of CPA clients have stated that their biggest retirement concern is outliving their savings. For others, it stood among the top three concerns. The other top two concerns included the cost associated with health care and figuring out the amount of money to take out from retirement accounts and other assets.<\/p>\n

Fortunately, there are tried and tested ways through which you can deal with that fear now, such as boosting up your savings, managing expenses, etc. Without any further delay, here are the six steps that you can follow to generate a sustainable action plan.<\/p>\n

1. Begin Saving Now<\/h3>\n

Suppose you\u2019re in your late 20s and haven\u2019t made any preparation for your retirement plan. Well, the Chinese would say, \u201cthe best time to plant a tree was 20 years ago, and the second-best time is today\u201d.<\/p>\n

Do you think it would be better to have an extra compound interest for 10 years? Absolutely yes. Will distressing over your lame start serve you anything good? Of course not. Set your mind straight to create feasible goals and then get going on them.<\/p>\n

2. Try Saving At Least 15% of the Earnings<\/h3>\n

\"Retirement<\/p>\n

This might be difficult if you\u2019re paying off student loans, especially on a beginning salary.\u00a0But a practical budget can also be created that includes an automatic saving procedure of even a small amount of every paycheck into a 401(k) or IRA.<\/p>\n

You can start with 2% – 3% and carry on with for 3-4 months. Gradually increase your quarterly savings by two percent, if possible, until you reach the 15% mark.<\/p>\n

3. Take benefit of any 401(k) match<\/h3>\n

In case your employer is ready to kick in even a couple of thousand bucks, save enough to be eligible for the maximum amount of matching funds. You may want to start your own IRA somewhere else, but make sure to max out the 401(k) match first. It\u2019s plain foolishness to leave money on the table.<\/p>\n

4. Predict your retirement lifestyle<\/h3>\n

Let that imagination flow like a stream. Ask yourself about your ideal retirement, whether that\u2019s a golf-course-and-cruise-ship-travel lifestyle or a chance to be a part of something more meaningful like joining a non-profit organization and helping people. Recognizing what you value the most can assist you in identifying the most vital bare-minimum aspects of retirement. For example, the traveling geeks would want to save more as compared to the homebodies. Those who own their homes by now can concentrate more on the taxes instead of mortgage payments<\/a>.<\/p>\n

5. Live Deliberately<\/h3>\n

When buying something, consider these questions:<\/p>\n