Retirement Saving Strategies

Have you thought about saving for retirement yet? Every time I see one of those commercials online I think about how little I currently have saved. I would love to say it is because I haven’t thought about it. However, the truth is that every single time I think I am getting ahead and saving some extra something happens and I have to use that savings. Just can’t seem to add to the retirement plan enough. I know that I need to beef up my retirement savings strategies. 

Source: https://money.cnn.com/2013/10/01/pf/savings-account-yields/

I have been using a savings account but after some research I think that I think that it is past time to roll it over into something more productive. I had a 401k years ago but when I let the work force I cashed it in. Please don’t judge! I knew better and allowed that fabulous (said with as much sarcasm as possible) of mine talk me into closing the account out. 0.06% really isn’t that much and not doing me very much good. 

Source: https://www.ally.com/bank/ira/ira-account/

I think that an IRA may be the way to go for me. They have tax advantages and I am going to be truthful to you, I need all the tax advantages I can get. Why you might ask? Because I am responsible for all of my own taxes and I have to pay them on the products I receive not just the money. If I do a traditional IRA whatever is deductible (either full or partial) then I could put that into savings and have a great little emergency fund. I have a small one of those but trying to save for everything gives me a migraine on the best of days. 

Sitting down and taking the time to work out a strategy that will not only work for in the short term but for the long haul as well is something I need to do this year. I have to stop putting it off and just hoping for the best or telling myself that next year will be better. It is something that I must do and do soon. In fact, once I finish this article I am going to make an appointment with my accountant so we can develop a plan.

When you are ready to retire, you may need the extra security of more money coming in. A reverse mortgage is a loan you can only get at 62 years of age or older. It is a long-term option with no initial repayment or planned bills you have to pay back. When you apply for a reverse mortgage, one of the first things you have to do is find the home value. That is easier said than done, but a reverse mortgage calculator can help. The purpose of the reverse mortgage calculator is to find out what you can borrow for you and for your lender. That way you can focus on setting up the other terms of the loan, such as the way you want to receive your money.