At WIFE.org, we don’t think retiring smart has to be complicated. A few good habits can make the difference between working a part-time job in retirement to make ends meet or spending more time with your grandchildren and taking a cruise each year.
Here are three simple things you can start doing today to get on the right retirement path.
Start Saving Now
One of the biggest road blocks to an abundant retirement is the mindset, “I’ll start saving for retirement as soon as I pay off my credit cards/get a raise/insert excuse here.”
Your biggest asset is time. The earlier you start saving for retirement, the more return you’ll get on every dime you tuck away. The growth of your investments will make your retirement savings even more valuable, through the miracle of compounding. Give it a few decades, and the results of compound returns can be staggering.
Max Out And Automate
Several investment vehicles exist to help you save for retirement. Your employer might offer a 401(k) plan that allows you to save a portion of each paycheck on a tax-deferred basis. Many employers will also match their employees’ contributions up to a certain percentage, which can really supercharge your savings. If your employer doesn’t offer a 401(k) plan, you can choose to invest in your own IRA or Roth IRA, which each have their own benefits and drawbacks.
The more money you can save each month, the harder your money can work for you. To make sure that saving becomes a part of your monthly routine, we suggest automating your retirement contributions. Your 401(k) is automatically funded from each paycheck; if you contribute to an IRA, . you can set up monthly electronic withdrawals to your IRA or Roth IRA. Your automated retirement strategy will be hassle-free and worry-free!
Protect Your Future With Insurance
We can’t predict the future, but we can prepare for it! Nothing can knock you off the path to a stable retirement faster than an unanticipated injury, disease, or accident. What would happen if you had a stroke tomorrow and needed in-home care and rehabilitation? Do you have adequate insurance to protect you, or would you have to dip into your retirement savings to cover your costs?
These important insurance products can protect your retirement savings if anything should happen to you:
- Health insurance
- Life insurance
- Disability insurance
- Long-term care insurance
- Follow these three suggestions to make your retirement as easy as one-two-three!
I’m curious about my retirement benefits if I choose to marry. I have a pension and 403 and is deciding on marriage. I wanted to know if my husband is entitled to my retirement benefits when I only have 7 more years to work and we are married less than 10 years. I hope this doesn’t seem like I’m trying to doom it, but we have been together for a long time and for some reason, when people get married it doesn’t last too long. What I have read is the spouse is entitled to half which I think is unfair if I only have 7 years left and it’s all my money. Please let me know if this true?
It may be that your state would give him a prorata share of the retirement based on the number of years that you were married, but the laws of each state are different.
I was married for 3 months shy of ten years. We lived together for over 15 years in the total. He died in 1994
and my daughters received his pension until they reached 18. Now I am turning 66 and have been trying to get his pension but I keep getting turned down. I went to the Social Security office in 2011 before my accident 2 years ago. I fell and I am disable collecting 1200 a month from SSD. We lived in New York then moved to Pennsylvania. I married him twice and divorced him twice. I was told by an attorney that there is a form that I can fill out to amend the 10 years. Can you help me please.
You’ll have to ask the attorney about the form. I have no knowledge of that. I also don’t know the status of the pension — since you were his wife you should be entitled to any benefits he was entitled to.
My husband of 15 years and I are retired and living off of his annuity which he purchased before we got married and provides us over $100K a year. If we divorce, will I be able to receive a portion of the annuity funds (as alimony) since we were living off of it? We have not children.
The laws regarding alimony are different in each state, so you should consult with an attorney who can advise you how alimony works in your state.
I’m a 62 1/2 year old divorcee, who made a bad mistake, by not allowing my attorney to place my spouse retirement into my divorce agreement out of fear to his threats, that I wouldn’t see the light of day to collect it!
I’m on SSI, and I’m recovering from breast surgery, and with hope and prayer, I won’t need to have a spleen or pancreas surgery. I’m needing to work to keep my home I purchased, after my divorce 24 years ago.
My ex-spouse has earned over $100,000, for over 10 years before he retired. One,Should I collect his SS, which is much more than mine. Two, If I collect his SS, it just may not be enough to support my expenses, because it just may be the same as my SSI, or only $200 more after I pay for my medical. I see my doctors 4 or 5 times a month, plus my medications. If I get a job and have them place my earnings into a retirement account will that help me keep my SSI. until I’m 66 or would this be too much to ask an employer to do? Would I be breaking any legal rules?
Your wages will reduce your social security benefits by $1 for each $2 you earn, no matter what you do with the funds.
I certainly like what you have to say about different insurances. BUT as a diabetic there are not life, disability and long term care insurances that are offered to individuals with chronic diseases. Do you actually know of company offering these options to people with chronic diseases?
I don’t know of specific companies, but many have rated policies that are very expensive for those who don’t meet standard criteria for insurability.
Lisa,
I may be able to help as I have worked with clients with diabetes. With over 400 companies that I represent, I am sure that we can find a solution for you. Please feel free to give me a call (619) 721-0176