College graduating age is always a carefree age, and a student life does not make the students realize the upcoming thick and thin. But as soon as you step out of your college, the bills, housing rents, and other expenses take a toll on your mental health and upset your budget and savings. The most repeated words college graduates hear is “save early and often,” which is next to impossible. However, they can do some retirement planning which is better than the regret of the future. Retirement planning must be done when you are still enrolled in college, and this may include visits to several consultants and the use of your money, which you often get as a prize and gift while your college life. The other money comes from your 9 to 5 job, which you can consider as the extra money. All this money should be appropriately used as a part of your retirement plan. Your retirement planning must be based on these things: when to retire, your health conditions, how to save money, ways of saving, and way of investment. The age to claim Social Security benefits is 60-62. So, if you retire early, you may lose some of the benefit amounts. Also, you should take a complete medical checkup once you start planning your retirement to always know your health status and how much time you have until your retirement. Also, keep your medical expenses for the future in your mind. How to save money is the biggest fear of the graduates. The simple answer is that it depends on your monthly income and expenses. For example, a person earning $63,000 per year must need $44,000 to $57,000 per year in retirement. That means that your 70-90% income must be replaced with savings and Social Security. What you need is a deep dive into your income and expenses balance sheet, which will lot say about your lifestyle and your approach towards living style after retirement. Create a hypothetical line and recalculate your savings now and then. This will tell you where you stand in your retirement plan. The last part is the most important related to savings and ways of investment. There are several ways like employer-sponsored plans such as 401(k), 403(b), 457, and pension options. For self-employed and freelancers, Roth IRA, deductible and non-deductible IRA, simple IRA, and Solo 401(k) are options they can opt for according to their savings and plans. Others are an investment in several projects like property and gold, and nowadays, crypto is a hot trend. Your current hardships won’t last forever. You just have to focus on your life’s future goals to make your life easier and happier in the future.
Contact Information:
Email: [email protected]
Phone: 4693581913
Bio:
I advocate for federal employees making the best benefit and retirement decisions for their unique situations. After a 25 year career in personal banking I saw a need for financial education and retirement planning for those approaching retirement. In recent years I have focused primarily on federal employee from both the CSRS & FERS systems. These federal employee face challenges in getting the information they need to make the best decisions for creating a successful retirement plan. I assist these individuals in navigating the retirement process.
