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When it comes to planning for retirement and financial security, you can never start too soon! Since the amount of money required for financial security following retirement is so large, many people feel overwhelmed and ill-equipped for the challenge. As such, they put off planning until it is nearly too late. If you are looking for some practical ways to start planning for retirement and securing your financial future, you have come to the right place! For more expert advice and information, speak to a professional in Milwaukee investments services or one in your area. Retirement Planning: Where Do You Start? There are many ways you can begin planning for your financial future, but the most important piece of advice that can be meted out is that you just need to get started! Even if you live paycheck to paycheck, there are many ways that you can begin to save money, invest your income, and work towards a more secure future. Here are a few practical ways to get started on planning for retirement: • Set goals: Sit down with your significant other and have a frank conversation about your financial future. Where would you like to be (financially) in 5 years? 10? Now fast forward to retirement, and discuss what you want your lifestyle to look like. This will be a tough conversation, and when you crunch the numbers, your first reaction will probably be dismay and disappointment. Don't be disheartened! It is amazing how quickly your minimal investments can roll into large ones over the course of 30 years. Set some goals, and outline what might stop you from achieving those goals. Once you know your roadblocks, you will be able to successfully avoid them. • Get out of debt: Put to paper all of your debts, starting with the smallest debts first. Contribute all of the money that isn't devoted to the essentials towards the debt at the top of your list. Continue to pay the minimum on all debts, but focus all of your energy to paying off the smallest debts first with the extra money you are scraping together. It is difficult to plan for retirement without first getting rid of all debt. (This includes car payments but excludes mortgage payments.) • Create an emergency fund: Money hanging around in a savings account is not money well utilized, yet everyone needs at least 6 months' worth of income in an account that can be accessed instantly. Once all of your debt is paid, take all of the money you used to spend on paying off your debts and place them in your emergency savings account. • Find out what your employer can do for you: Nearly all employers will contribute money to a 401(k). Even better, most employers will match a percentage of what you yourself contribute to the 401(k). Once you have established your emergency fund, contribute as much of your paycheck as you can afford to your 401(k). • Pay off your home: It is astounding how much of your wealth is contributed towards the interest on your mortgage. If you have no debt, an emergency savings account with 6 months' worth of income, and are contributing to your 401(k), now is the time to work towards paying off your home with double payments or refinancing to a 15-year mortgage. • Consult the experts: There are many ways to plan for retirement using Milwaukee investments services. Such options include traditional IRAs, Roth IRAs, and Fixed-rate IRAs. The sooner you can get debt free and focus all of your excess income towards retirement and investments, the better shape you will be in when it comes time to retire! For more than 90 years, WaterStone Bank has been dedicated to protecting your personal and financial information. Milwaukee investments services. Visit our page on http://www.wsbonline.com/ for more info!
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