The last couple of weeks in our Take Back Your Finances 52-Week Challenge, we’ve been talking about retirement. The ins and outs of retirement, retirement goals, retirement investing and savings ideas.
Well, now that we had some time to research and prepare, we want to encourage you to now take the next steps. Remember back to the first discussion on this topic? We discussed the 10 Important Rules About Retirement.
Before you move on to this next step, we want to encourage you to follow the rules. With this caveat, begin your retirement savings and investment using those rules, plus the calculations we did last week.
Well, you may not be ready financially for a full retirement investment plan. But at the very least, we are going to encourage you to follow rule #1 as-soon-as-possible.
To jog your memory, here’s rule #1 (which will only apply to some):
- If you work for a company that does match into a 401k, it should be a no-brainer to invest money into your company’s retirement match amount (up to the full match amount) but not necessarily more than this.
If you are not doing this, you are losing “free money.” The return on this investment is a great return, so don’t miss out.
Then determine where you are headed next in your retirement savings and investment plan based on where you are in your stage of life. If you are meeting the rules, continue to move through the rule list and take the necessary steps to complete the next rule.
Also, Dave Ramsey has a GREAT article on How To Retire A Millionaire on $35 A Week. The formula, explanation and examples are easy to understand and very relatable.
It’s never too late to do something, so it’s time to do it!
Share with us what you plan to do to begin/continue your retirement savings plan in the comments below.
Need to catch up? Come join us on this challenge from the very beginning by clicking on the 52-Week Take Back Your Finances Challenge and sign up to start receiving your automated challenge from the very beginning!
One final thing…we also have a Facebook Group where you can engage in discussions, receive encouragement and talk to others that are participating in the challenges too for more ideas! Head to the Be Intentional with The Thrifty Couple Facebook Page HERE and ask to join us there! You can also invite friends and spouses too!
Disclaimer: We are not licensed financial planners. We are only a couple that have been just a hair-breadth away from bankruptcy and found our way out of debt with a goal to now help others. Please make sure to consider any advice given on our site and in this challenge as tips we have used ourselves; they may not work for everyone. If you have questions please make sure to contact a licensed professional.