Navigating Retirement Pitfalls – 4 Tips to Stay on Track for Your Financial Future
Navigating Retirement Pitfalls – 4 Tips to Stay on Track for Your Financial Future
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Written by Nicholle Overkamp

August 3, 2022

It’s never too early to start planning for retirement. In fact, the sooner you start, the more likely you are to have a successful and comfortable retirement.

However, even if you start planning soon, life happens and things can get in the way. It’s important to know how to handle these curveballs that life throws at your finances, and how they can affect your retirement planning.

Here are four tips for navigating retirement pitfalls and staying on track for your financial future:

1.) Balance Retirement Savings with Student Debt

Student debt can be a major issue when it comes to retirement planning. It’s important to make sure you have a good balance between your retirement savings and your student debt. Here are a few tips to make sure you’re still prioritizing retirement while paying off those student loans:

  • Create a spend plan. One way to make sure you have a good balance between your retirement savings and your student debt is to create a spend plan. This will help you keep track of how much money you are spending each month and how much you can afford to put towards your student loans and retirement savings.
  • Make your student loan payments on time. Making your student loan payments on time is crucial to staying on track with your retirement savings. If you miss a payment, you could face penalties and interest charges that will make it even harder to get back on track. By making your payments on time, you can avoid these penalties and stay focused on reaching your retirement savings goals.
  • Take advantage of a company match to help you save more. If your company offers a 401k match, take advantage of it. This is free money that can help you reach your retirement savings goals quicker. Contribute as much as you can to get the maximum match from your company. This will help you reach your retirement savings goals faster.

2.) Make a Small Increase in Savings with Each Raise

If you get a raise at your job, make a small increase in your savings. This will help you stay on track for your financial future. It may not seem like much, but it will add up over time.

Try to increase your savings by one or two percent every time you get a raise. This will help you build a solid nest egg for retirement. Bonus points if you can get your company to match that additional percentage!

3.) Understand the Impact of Leaving the Workplace For an Extended Period of Time

This is a big concern for many women, because we are more likely to leave the workforce to raise children or care for aging relatives.

Leaving the workforce for an extended period of time (to become a caregiver, recover from illness, or any other reason) can have a significant impact on your retirement planning. It’s important to understand the financial implications of this decision and make sure you’re still saving for retirement.

If you’re leaving the workforce, make sure you understand the financial implications of this decision. Talk to your spouse or partner about how you can best manage your finances during this time. You may need to make some changes to your spend plan or find other ways to save money. Prioritize saving for retirement, even if it means scaling back on other expenses.

4.) Keeping Calm During Volatile Markets

Volatile markets can be a major concern for retirement planning. It’s important to stay calm and focused during these times. Here are a few tips to help you stay on track:

  • Stay Invested. It’s important to stay invested during volatile markets. This will help you maintain your portfolio and avoid any major losses.
  • Don’t panic. It can be easy to panic during volatile markets, but it’s important to stay calm and focused. Panic can lead to bad decisions that can hurt your portfolio.
  • Stick to Your Plan. Sticking to your plan is a key part of retirement planning. Volatile markets can make it difficult to stay on track, but it’s important to remember your goals and objectives.
  • Stay Informed. It’s important to stay informed during volatile markets. This will help you make informed decisions about your portfolio and retirement planning in general.

Need help staying the course on your retirement goals?

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