Planning for Your Retirement

Retirement is something that seems quite far away, however, it really isn’t. If we live long enough, some of us eventually reach a point where we leave our careers and opt for less intense work life. Many years ago, there was a time when companies included pension plans in their compensation packages and employees could look forward to receiving a percentage of their salaries to live on for the remainder of their lives. However, now it’s important to us to create a comfortable retirement that we rely on when we’re lucky enough to sit back and enjoy some time off. Here are a few tips for retirement savings:

Saving Retirement

  • Make a Plan! Saving for retirement might seem difficult at first, but with some guidance, coming up with a foolproof plan could be a breeze. Meet with a CPA to learn how much you can comfortable contribute to your retirement goal each year.
  • Start saving! It’s sometimes hard to just start saving money, but once you get into the proper mindset, saving becomes almost second nature. Designate an amount of your pretax income to contribute to your retirement savings on a monthly or bi-weekly basis. It’s easier to save money that you don’t have in your hands, so set it up so that your retirement savings automatically go into your savings account. Be sure to keep your hands off your savings!
  • Take advantage of retirement plans! Learn about programs your employer offers. From 401(k) plans to IRAs, take advantage of these.

There are many other ways to help amp up your retirement savings. If you’re looking for a CPA in Hawaii to help you guide you down the path of a more financially secure future, visit Michael J. Yuda CPA, LLC today!