5 Steps to Start Saving for Retirement

The best time to start saving for retirement is 20 years ago. The second best time is now. The same is true of planting a tree, according to according to a popular Chinese proverb.

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Dr. Jim Dahle gives you a few simple steps to take right now to begin building up those balances right now.

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5 Steps to Start Saving for Retirement

The best argument for doing it yourself comes down to the effect of saving the advisory fees on the growth of your portfolio over the long-term.

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You cannot invest money you have not yet saved. Not only do you have to live within your means, but you must live well below your means.

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Figure Out Which Retirement Accounts You Will Use

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Choose a Reasonable Asset Allocation in Your Retirement Accounts

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The best way to do this is to actually write down your plan and refer to it from time to time.

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Write down which types of investment accounts you will use, and the mix of investments you will place into them. Write down how much you plan to save each year.

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It is even better if you write down specific, achievable investment goals. Write down what you plan to do in bear markets and in bull markets.

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5 Steps to Start Saving for Retirement

The best time to start saving for retirement is 20 years ago. The second best time is now. The same is true of planting a tree, according to according to a popular Chinese proverb.

Dr. Jim Dahle gives you a few simple steps to take right now to begin building up those balances right now.

5 Steps to Start Saving for Retirement

The best argument for doing it yourself comes down to the effect of saving the advisory fees on the growth of your portfolio over the long-term.

Decide Whether or Not to Be Your Own Investment Manager

You cannot invest money you have not yet saved. Not only do you have to live within your means, but you must live well below your means.

Carve Out a Significant Portion of Your Income to Invest

Figure Out Which Retirement Accounts You Will Use

Retirement accounts will help you to save taxes, grow your money faster, protect your assets from creditors, and plan your estate.

Choose a Reasonable Asset Allocation in Your Retirement Accounts

Once you have determined the types of accounts you will use, you will need to select the investments to use inside the accounts.

The best way to do this is to actually write down your plan and refer to it from time to time.

Develop a Written Investing Policy Statement and Stay the Course

Write down which types of investment accounts you will use, and the mix of investments you will place into them. Write down how much you plan to save each year.

It is even better if you write down specific, achievable investment goals. Write down what you plan to do in bear markets and in bull markets.

SWIPE UP NOW TO READ MORE

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