Work Smarter, Not Harder
For decades, conventional wisdom has held that the key to having enough income in retirement is to work more, earn more, save more. As a result, many Americans think they will reach their financial goals if they just work harder and longer. They mistakenly believe that adding to their bottom line always requires more effort, energy, and time.
While a good work ethic helps build a solid foundation for financial stability, there are other methods for growing your wealth. Allocating your money into a variety of financial products and accounts can help you build your net worth and provide sources of income for your retirement. In other words, with smart saving strategies, you put your money to work for you.
However common beliefs about saving for retirement have made people hesitant to get started. They might think:
You should only start investing for retirement when you have a lot of money. Many investors think they need large sums of money to make investing worthwhile. However, saving even small amounts of money can add up over time.
You have waited too long to start saving. It is never too late to start saving money for retirement. Many savings tools - including IRAs and 401(k)s – offer catch-up provisions for older savers.
You do not need to save – you will just keep working. You may plan to stay at your job as long as possible, but sometimes life sends you in other directions. Layoffs, your health or caring for someone you love may lead you to a different retirement date than you originally planned. Many tools are available to save for retirement – the key is finding the right tool for you.
““It’s not how much money you make, but how much money you keep, how hard it works for you and how many generations you keep it” ”
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