Things You'll Need:
- a calculator
- all paperwork offered from employer for 401k if applicable
- Paperwork for other retirement options
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Step 1
The first thing to do is establish goals for retirement. Decide which year you plan to retire. Be realistic.
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Step 2
The next step is to decide how much money you need to live on when you retire. Look at your living expenses now and see how that compares to the future.
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Step 3
The next thing to do is look at the retirement options that your job offers. Evaluate 401K options if available. If the options that the company offers are inadequate you will want to look at a good savings plan or find another retirement program that fits your needs.
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Step 4
If possible your next step is to look at a apartment, house, or condo to purchase. (The purpose for this is to eventually own a place and not have to pay as much every year after retirement if its paid off.)
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Step 5
The next thing you do is focus on paying off all debt. Cars, your home, education, or anything else that has put you in debt. Make goals that will help you to reach the debt free world because otherwise it may seem impossible.
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Step 6
After paying off debt you can focus on putting a percentage into your savings or 401k (depending on what you choose). This way you can begin saving towards your eventual retirement.
Comments
easymlmincome said
on 1/25/2009 Wonderfully written article. 5*
SpottedApple said
on 1/13/2009 Good article - thanks for sharing.
maryellen1001 said
on 12/26/2008 Great advice!
Thims said
on 12/22/2008 The number one step is the hardest to do. If more people did this they would find themselves financially more secure for retiring when they want too. Good article.
Dlaniger said
on 12/21/2008 Good points we don't always think about.