As we begin a new decade, it might be a good time to think about your financial goals for the next 10 years or more. When saving for retirement, our approach must be a long term approach so we can properly invest the money and generate additional funds through investment in the market. For some of us, retirement may be coming in the next decade and others retirement may be more than a decade away. Either way saving for retirement is important no matter where you are in your savings journey.
Did you recently find out you are going to receive a tax refund? Did you immediately think about what you could spend the money on? Maybe the things you are planning on spending your tax refund on are constructive, like car repairs, home repairs, pay off some credit card debt or others. However, it’s hard not to be tempted to spend that refund money on something fun, right?
When we think about financial planning, we usually think about money, right? Of course money plays a big part in your financial planning, but we also need to consider what lifestyle we are going to live and how long are we going to need income. In other words, are you going to live an expensive lifestyle; and how long are you going to live?
A recent report published by the U.S. Government Accountability Office (GAO) concludes that retirement security for Americans is on shaky ground and recommends Congress do something about it.
It’s America Saves Week! This week is dedicated to instilling us with good savings principles. Last year, we showed you what some of our current savings goals were. Now that a year has passed, I thought it would be a good idea to review a few of our savings goals and discuss how we are doing to meet our goals.