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Those who survive into their 60s or 70s will eventually retire. Many will have to retire earlier because of downsizing or health issues. Regardless of when retirement is expected, it’s important to set goals to ensure there are funds available to pay for expenses during the golden years.

Start Early

When looking to achieve retirement goals, starting as early as possible is key. The longer a person can save in a retirement account, the longer that money has time to grow. Investment returns tend to compound over the long run. Even small investments made on a regular basis can build into large sums over a period of decades. Those with only a decade or two will have fewer years left for compounding to take place, which can lead to a need to use other strategies.

Cut Expenses

Those who are able to cut expenses will also realize the benefit of needing a smaller nest egg to survive in retirement. Every dollar that’s cut from a monthly budget is a dollar that can go toward investing for the future.

Make More Money

This strategy can pair quite well with cutting expenses. Additional income can go toward saving more. This is key for those who have cut their expenses to the bone and have little wiggle room to save money for emergencies or for their retirement needs. If a normal budget has no money available to save, adding some income can make the difference between eating hot dogs and eating steak in retirement.

Work Longer

This can be a more difficult strategy to realize. Health problems can lead to an inability to work. Additionally, employers can decide that some of their workers are redundant. Those who are short of their retirement goals can fill the gap if they are able to continue working. Making some money for even another year or two can really improve a household’s financial situation in retirement. This additional income can add to the nest egg while also cutting down on the amount of years in which money needs to be drawn down from a retirement account.

Meeting retirement goals will take time. However, for those who are disciplined, achieving a healthy retirement account will be worth the effort. Adjusting a strategy over the long haul can make sense and help investors meet their needs earlier than they might expect.