Retirement can be tricky when you’re still in the planning process. 

The idea of retirement should be full of hopes and dreams – plans to do or experience all the things you’ve wanted but haven’t had the time or money to achieve earlier in your working life. But on the other side of that coin lives reservations about if or when you’ll have enough saved up to enter into retirement and ongoing concerns about how future market or economic changes could affect your personal plans. 

One way to help set yourself up for financial freedom in retirement is to consider the many different ways to approach that goal such as:

SAVE WHERE YOU CAN: With so many bills and routine transactions now occurring via credit cards or automated withdrawals from accounts, it can be easy to lose track of where all your money is going. Setting a monthly budget and accurately tracking all your income and expenses are great ways to help your savings continue to grow and there is no shortage of reliable apps that can do most of that work for you. 

IT’S THE MONEY YOU DON’T SPEND: In addition to budgeting, it’s also important to consider the level of lifestyle you enjoy in comparison to your available means. While it’s important to be comfortable, there’s a trade-off to consider. Holding off on certain luxuries in the moment can help speed up the clock on how quickly you can begin retirement or could provide funds for a more lavish lifestyle down the road. This line of thinking can also help your credit score, which can open up more opportunities and stretch your money farther via favorable rates when looking to finance large purchases.

PUT YOURSELF FIRST: No matter the size of your nest egg, the best way to enjoy retirement is to be healthy while doing so. Regular medical checkups and a healthy lifestyle can help stave off chronic conditions that can lead to large expenses for treatment or medication. Similarly, beginning to consider the benefits of long-term care insurance as a younger and healthier person can lead to lower rates and protect against unforeseen issues in the future.

TALK TO A PRO: It’s always good to get a second opinion and at Consha Financial we provide professional insight and experience to help you create a retirement strategy that works for you. Give us a call at 678-539-9518 and we can help guide you towards financial freedom!

1. https://www.nerdwallet.com/article/finance/best-budget-apps

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This blog is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation.